Hebrew Free Loan Society of New York

The Hebrew Free Loan Society of New York, was founded in 1892 by ten leaders of the Jewish immigrant community on Manhattan’s Lower East Side. With initial working capital of $95, the Society started issuing interest-free loans of 50 cents, payable in ten weekly installments of a nickel. At a time when there was no government-funded safety net, the Society became a lifeline for those facing eviction, hunger, illness, and a host of other financial challenges.

Today, HFLS loans continue to 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. This 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 125 years ago, HFLS has provided nearly $300 million to more than 875,000 borrowers while maintaining a loan 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.

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