Hebrew Free Loan Society Incorporated
Hebrew Free Loan Society Incorporated
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About this organization
Mission
The Hebrew Free Loan Society (HFLS) fosters economic self-sufficiency and stability among New Yorkers in need through interest-free lending. HFLS loans make an immediate, concrete difference in the lives of our borrowers, enabling them to invest in their education, start a business, meet emergency expenses, and more. Our work is the 21st century expression of an ancient Jewish tradition that sees helping people become financially independent as the highest form of charity. Since its founding in 1892, HFLS has provided over $270 million to more than 875,000 borrowers while maintaining a repayment rate of 99%. As HFLS loans are repaid, the capital is lent out again and again, helping more people and multiplying the impact over time.
About
Lending achievements - at the end of FY 2018, HFLS had 1916 loans outstanding, totaling $14.5 million. In FY18, HFLS disbursed more than $12.5 million in interest-free loans to nearly 1,000 individuals and families in the New York metropolitan area. HFLS loans helped families who were faced with an emergency or outsize need, students who needed a way to finance college and graduate school, economically vulnerable entrepreneurs starting or expanding a business, and other New Yorkers in need.
Interesting data from their 2020 990 filing
According to the filing, the non-profit's mission is “The hebrew free loan society (hfls) fosters economic self-sufficiency and stability among low and moderate income new yorkers in need through interest -free lending. hfls loans make an immediate, concrete difference in the lives of our borrowers, enabling them to invest in their education, start a business, build a family and meet emergency expenses. hfls is non-sectarian; our borrowers represent new york's diverse jewish and non-jewish communities. since its founding in 1892 hfls has provided over $300 million in loans to more than 875,000 borrowers while maintaining a repayment rate of 99%. as hfls loans are repaid, the capital is lent out again and again, helping more people and multiplying the impact over time.”.
When referring to its actions, they were described as: “Provides interest-free loans to individuals, families and businesses.”.
- According to the law, the state of operation reported by the non-profit is NY.
- As per the filing, the address of the non-profit for 2020 is 675 THIRD AVENUE SUITE 1905, NEW YORK, NY, 10017.
- According to their form, the non-profit as of 2020 has a total of 15 employees.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $1,359,344.
- The organization has 22 independent voting members.
- The organization was formed in 1892.
- The organization pays $1,453,557 in salary, compensation, and benefits to its employees.
- The organization pays $278,094 in fundraising expenses.
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