COVID-19 is an unprecedented global pandemic that has changed the world and created new norms. Very quickly, it went from not only a medical pandemic but also a financial one. Many businesses are now experiencing shock they may not recover from. The journey towards recovery is going to be long, and as New York is struggling to reopen, we wanted to extend a helping hand to our community.
We are proud to launch the Bank Leumi Small Business Support Fund at the Hebrew Free Loan Society (HFLS) – a philanthropic collaboration intended to fuel small businesses by providing interest-free loans.
If you know anyone struggling or are a small business who needs an interest free loan, this program can help.
What is being offered?
• The Leumi Community Support Fund has provided a grant to the Hebrew Free Loan Society (“HFLS”) which will offer interest-free loans of up to $20,000 to eligible small businesses.
• The loans are available to small business owners facing financial challenges caused by the Covid-19 outbreak, to help meet their most immediate needs.
• The loans will not require third party guarantors.
• HFLS will review all applications and make underwriting decisions for all borrowers.
What businesses are eligible to get the interest free loans?
To qualify for a loan, applicants must:
• Be a for-profit, small business (including brick and mortar businesses, e-commerce, and independent contractors)
• Be at least 18 years of age
• Reside in one of NYC’s five boroughs, Long Island, or Westchester
• Have good credit, with a minimum credit score of 650 and a history of responsibly meeting debt obligations
• Have made on-time rent payments from April 2019 to March 2020 (not applicable for independent contractors or small businesses that do not pay rent)
• Have year to date pre-tax household income for the 2020 calendar year at or below the specific income limits noted the income eligibility chart at the following link: https://www.tfaforms.com/4831133. Any applicant whose household income exceeds this amount but has significant need for an interest free loan, should contact HFLS at 212-692-9023 or email@example.com to discuss specific circumstances. Other eligible criteria may be
determined by the HFLS.
• Priority will be given to women and minority entrepreneurs and enterprises in historically underserved communities
How can I use these funds?
Funds can be used to stabilize or expand a small business, including:
• Paying rent and utilities
• Paying payroll
• Paying outstanding debt to vendors
• Paying immediate operational costs
• Paying post-COVID re-opening operational costs
How to apply
All loans are underwritten and disbursed by HFLS. This is the link to their application – https://www.tfaforms.com/4831133. Applications are accepted on a rolling basis. There are limited funds available through this program. Applications will be handled on a first come, first serve basis.
How will applicants be contacted if they are approved for a loan?
• After HFLS receives the online application submission, applicants may be contacted by an HFLS representative if additional information is needed to complete the application.
• Once HFLS has a complete application package, it will thoroughly review the application and send the applicant an email approving or denying the loan.
What documentation will be required?
• Applicants will be asked to provide basic financial information to substantiate the need for the loan.
• All information about underwriting and documentation can be found on the HFLS website.
How is Leumi involved?
• Leumi established the Leumi Community Support Fund, a donor advised fund, at the Jewish Communal Fund. The Fund has provided a grant to the HFLS that made the Bank Leumi Small Business Support Fund loan program possible.
•Leumi will not advise, make any recommendation, or participate in any decision-making with respect to the underwriting, amount, or eligibility of any loans under the program. HFLS is the lender and any questions regarding loans should be directed to HFLS.
Who is HFLS?
• HFLS is a nonprofit organization located in New York that fosters financial stability and opportunity among lower-income New Yorkers by providing access to affordable credit in the form of interest free loans. You can learn more about the HFLS at: www.hfls.org
We have witnessed first-hand the struggles and stresses our community is enduring. All of this has strengthened our sense of purposes as a Bank and shown how important it is for us to play a role in driving change and supporting those around us.
We are here for you.
Bank Leumi USA is an FDIC insured New York State chartered Bank. Bank Leumi USA is a subsidiary of Bank Leumi le-Israel, B.M. and part of the Leumi Group. Leumi is a marketing brand operated by Bank Leumi USA. ©️ Bank Leumi USA. Leumi and Bank Leumi USA are registered trademarks of Bank Leumi USA.