The Jewish Free Loan Association (JFLA) Rises to Meet Economic Challenges for Angelenos in 2021, Hosts Virtual Gala for COVID-19 Relief Program
- From September 2020 to January 2021, JFLA granted loans totaling over $2.1 million – $350K more than last year.
- YTD 2021 has seen a 73% increase in number of loans compared to last year.
- The virtual benefit will honor two keynote speakers: Sam Yebri, and Dr. Julie Higashi; The Groundlings improv comedy group is also included in the program.
The Jewish Free Loan Association (JFLA), a non-profit organization that offers interest-free loans to individuals, families and small businesses in the greater Los Angeles area, announced that it is hosting a Virtual Gala for COVID-19 Relief on February 21st, 2021. With lending already up 73% compared to last year, JFLA is starting the fundraising year off strong.
The creative virtual benefit will raise funds to scale-up JFLA’s ability to help Angelenos – regardless of race, religion, or sexual orientation – to combat economic uncertainty by granting interest-free loans, as the organization has done every year since it was established in 1904. The event will honor community leader and dedicated JFLA supporter, Sam Yebri, as well as infectious disease specialist Dr. Julie Higashi.
“As the pandemic continues to upend lives, it is vital for JFLA to continue to step up as financial first-responders,” said Rachel Grose, Executive Director, JFLA. “That means getting out ahead of our fundraising goals, enabling us to give economic power back to as many of our friends, neighbors, and fellow Angelenos as possible. We hope you will join us for this special evening, and more importantly join us in giving back to the community.”
Escalating need for financial assistance is projected to continue destabilizing thousands of people and businesses throughout the greater Los Angeles area, as rent moratoriums come to an end, small businesses grapple with re-opening options, and parents remain unable to assist their children with student loans, making the need for programs like the JFLA’s increasingly dire.
According to the LA Times, California’s unemployment rate will average 10.8%, and will not begin to fall until 2022. This translates to a need for solutions in the coming year that will provide cash in hand to those who need it, elevating their individual purchasing power, in turn preventing communities from spiraling deeper into poverty.
JFLA Lending Trends During COVID-19
- September 1st, 2020 – January 21st, 2021
- Total Loans: 425. 186 > than previous year
- Healthcare and Emergency Loans: 287. 153 > than previous year
- January 21st – March 1st, 2021
- Total Loans: 947. 188 > than previous year
- Healthcare and Emergency Loans: 483. 169 > than previous year
The Jewish Free Loan Association offers interest-free loans on a non-sectarian basis to individuals and families whose needs are urgent and who may not qualify through normal financial channels. Interest-free loans are not charity, they fill an important gap in our social system by promoting self-sufficiency with dignity. JFLA affirms the ancient biblical mandate, interest-free lending, by enacting it: We offer interest-free loan assistance to people in need with the goal of helping them to lead more rewarding and responsible lives. www.jfla.org
Please note: this press release was originally published by the Jewish Free Loan Association.