Hebrew Free Loan Society: Immigrant Retraining
The following information is from Hebrew Free Loan Society.
For 120 years, we have provided interest-free loans to people struggling to help themselves. We foster economic independence while preserving dignity.
This is a profoundly Jewish and centuries-old response to financial need, most famously articulated by Maimonides: "A loan is better than charity because it helps one help oneself."
For some of our earliest borrowers, a loan from the Hebrew Free Loan Society helped establish a pushcart venture that was a family’s way out of poverty. For others, our loans helped avert eviction or bought essential medical care. Although the world has changed, our mission has stayed the same.
- Families who are barely getting by financially and are faced with sudden crisis
- Today’s immigrants (many of whom were professionals in the Former Soviet Union) train in a new profession and re-enter the middle class
- Today’s economically vulnerable entrepreneurs start or expand a business as a route to economic security
- Parents of disabled children access expensive special-education services
- Prospective parents afford the high cost of creating a Jewish family through adoption
- Support Jewish education by enabling day school teachers to purchase their first home
- Since our founding in 1892, we have provided more than $200 million in loans to nearly 860,000 borrowers while maintaining a less than 1 percent loss rate because our loans are secured by two creditworthy guarantors. As loans are repaid, our capital is lent out again and again, helping an unlimited number of people in perpetuity.
Immigrant Retraining is one of the major loan programs presented by Hebrew Free Loan Society that helps immigrants from the Former Soviet Union.
Immigrants from the Former Soviet Union are the most highly educated immigrants in the history of the United States. They include doctors, engineers and professors who are typically unable to work in their fields. Our immigrant retraining loans are intended to help these immigrants re-enter the middle class by giving them money to pay for high-quality vocational or degree programs to retrain for professional jobs.
- Loans for high-quality vocational programs are up to $15,000 and must be repaid within up to five years
- Loans for degree programs are up to $7,500 per year (capped at $22,500 in total) and must be repaid within six years
If you or someone you know can benefit from one of our loans and would like to learn more or apply, please call us at 212-687-0188 or email your inquiries to firstname.lastname@example.org .
For information on education and employment, please visit Job Search Central at 188 Madison Avenue and 34th Street.