Hebrew Free Loan Association of Northeast Ohio

Hebrew Free Loan Association of Northeast Ohio (HFLA) is an American non-sectarian 501(c)(3) non-profit organization that loans money interest-free to people who do not have easy access to other capital.

, the organization has made over 25,000 interest-free loans in Northeast Ohio. Between 97% and 99% of all funds loaned are repaid.

History
HFLA was founded in 1904 with $501 in capital donated by Morris A. Black, Charles Ettinger and Herman Stern. In the first year, loans ranged from $10 to $37 and were all repaid in full. In 1909, the organization made 700 loans, including 288 for peddling and huckstering, 86 for renting or purchasing horses and wagons, 119 for supply stores or pushcarts, 42 for starting a business, 62 for emigration purposes, 42 for hiring carpenters or painters, 18 for tools for mechanics, and 43 for tuition or other uses.

All loans are interest-free based on a Jewish biblical tradition. "If you go to the Torah, the highest form of tzedakah is not giving someone a gift of money, it's giving someone the ability to help themselves," said David Edelman, President of the Association. "Giving someone an interest-free loan is considered one of the highest forms of charity."

In 1982, the Hebrew Free Loan Association of Northeast Ohio became an independent member of International Association of Hebrew Free Loans.

Loan program
HFLA offers interest-free loans of up to $10,000 to individuals who qualify: have an ability to pay the loan back, lack access to traditional financial products, and have a need that an interest-free loan could fill. Borrowers and co-signers must live in Northeast Ohio. One co-signer is required for every $4,000 that is borrowed. HFLA lends money for many purposes, including but not limited to:


 * Medical and dental bills
 * Home repairs
 * Escaping predatory lending
 * Apartment rental and deposits
 * Home purchase closing costs
 * Immigration
 * Adoption
 * Fertility treatments
 * Camps
 * Education, including vocational and job training

Awards
In 1984, HFLA received the Isaiah Award for Human Relations from the Cleveland Chapter of the American Jewish Committee.