April 2nd, 2020

Over $3.5 million will help Hebrew Free Loan meet unprecedented demand for zero-interest loans, requested by community members facing lost wages, reduced small business income, increased childcare costs, and food or housing insecurity due to the COVID-19 crisis. Donors with assets in donor-advised funds and supporting foundations managed by the Federation can make a grant recommendation, which is pooled with others into a recoverable grant for a 5-year term.

The first $500,000 in donor-advised fund grant recommendations was generously matched by Laura and Gary Lauder, with an additional $1 million matching grant approved by the Endowment Committee to come from the Federation’s unrestricted endowment. The Federation will wire the first tranche of funds to Hebrew Free Loan by the end of the week in order to meet its current demand.

“Hebrew Free Loan provides a crucial lifeline to so many in our community whose lives have nearly been destroyed by this crisis,” said Laura Lauder, the Federation’s Endowment Committee chair. “Gary and I wanted to provide matching funds to help catalyze that effort, along with the unrestricted endowment match. I am proud and amazed that we exceeded the match in just 6 days, due to the generosity of more than 30 donors. What an extraordinary community response, and so quickly.”

Read the full release.