Israeli non-profit launches new loan fund for reserve officers with small businesses
The plan is to raise up to $10 million to provide small businesses with loans, under the slogan of “Reserves for the Reservists”.
Jenni Frazer is a freelance journalist
An Israeli non-profit organisation, which usually offers credit solutions and financial guidance for low and middle-income citizens, has launched a new loan fund aimed at reserve officers who own small businesses in their civilian life.
The company, Ogen, has recognised that there are huge numbers of Israelis, whose business lives are being severely affected by the fact that they are doing reserve duty in the IDF. The plan is to raise up to $10 million to provide small businesses with loans, under the slogan of “Reserves for the Reservists”.
Ogen says that since the October 7 Hamas attacks, more than 360,000 Israelis have been mobilised and effectively their business lives have gone on hold, creating massive cashflow problems and affecting their families’ income.
The new scheme is interest-free but is only offered to people of the rank of company commander or above. Reserves for Reservists is being run in partnership with JGive, Israel’s largest platform for online giving. At least half the applicants to date have held the rank of Lieutenant Colonel or higher.
Ogen’s Eldan Kaye said: “These people have been left behind by the banks and the government and it is our responsibility to help. This initiative was created as an answer to real needs – reserve officers who have been leading the war efforts for the past two months, are struggling to keep their businesses afloat.”
Jonathan Bendheim, a philanthropic contributor to the initiative, said: “We have all watched with great pride and concern as our friends, neighbours, local shop-owners and so many others have dropped everything and shown up for service – at great personal sacrifice to themselves, their families and their businesses.”
“I believe that these reserve officers’ sacrifice – and in this case specifically those that own small businesses that they have been unable to attend to for months — creates a real obligation for the greater community to be there for them, at the same time that they are doing so much for all of us,” he added.
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