“A loan is better than charity, for it enables one to help oneself.” – Maimonides

Drawing on the Jewish tradition of Gemilut Chassadim (performing deeds of loving kindness), free-loan societies were created centuries ago and became a staple of East European Jewish communal life. Interest-free loans have always been an act of kindness considered superior to giving alms because a loan fosters self-sufficiency at the same time that it preserves dignity. Free-loan societies popped up wherever Eastern European Jews immigrated, and there are now more than 40 groups all around the globe, including the United States, Canada and Israel.

New York’s Hebrew Free Loan Society grew out of this tradition. It was born in 1892 at the Vilna Synagogue in Manhattan with working capital of $95.

Today, many hard-working New Yorkers still struggle: Approximately a quarter of a million Jewish New Yorkers live in poor households (family income less than 150 percent of the federal poverty guideline). In New York City’s Russian-speaking Jewish community, nearly half live below this standard.

The Society has approximately $13 million in interest-free loans outstanding. In total, since we were founded, the Society has provided more than $200 million in loans to nearly 860,000 borrowers.