Exciting news: HFLA partnered with NerdWallet to bring their credit tracking tools to our borrowers, applicants, and friends. This is an online platform that allows you to create an account and view your credit report whenever you choose!

NerdWallet’s credit tracking platform allows you to set goals pertaining to your credit (ex: increase my score), and will then give you tips on how to reach that goal. It also shows you how much your credit score would be affected by different decisions regarding your personal credit (opening a new credit card, paying off a balance in full, etc…) so that you know exactly how your credit score will be impacted.

You can create an account with NerdWallet through this link: https://www.nerdwallet.com/blog/hflaclev/

Underbanked and underserved in Lorain County have a new option for financial help. HFLA of Northeast Ohio, a nonprofit organization, has been lending interest free since 1904 to the people of Northeast Ohio without access to conventional funds and with the ability to repay.

With the generous support of the Community Foundation Lorain County a pilot program has been started with HFLA of Northeast Ohio. “We are happy to provide this grant to HFLA, no one is doing anything like this in Lorain County. Our residents need access to funds other than predatory lenders when it comes to everyday emergencies as well as pursuing their education or starting a business.” Brian Frederick, CEO and President Community Foundation of Lorain County.

These funds are accessible to help people with needs such as car repair, home repair, escaping predatory lending situations, workforce development, education, starting businesses and more. HFLA will be partnering and receiving referrals via Lorain County nonprofits such as, Oberlin Community Services, Urban League and El Centro.

Interest free loans allow people to help themselves with dignity. These interest free loans can often mean the difference between someone keeping the gas on, or being able to get to work when they repair their car, they can prevent a downward spiral towards bankruptcy because of predatory lenders.

For more information, visit our website, www.interestfree.org or call us at 216-378-9042.

For information on becoming a donor, click here to visit our donor platform.

The Cleveland Foundation awarded a $42,500 grant to the HFLA of Northeast Ohio to launch a credit-building program and expand HFLA’s interest-free lending program for Northeast Ohioans.

Founded in 1904, HFLA supports Northeast Ohioans with a genuine need and the ability to repay, but no access to conventional funding. HFLA recently decided to expand its wraparound services for borrowers by adding a credit-building component and training HFLA staff in financial coaching.

“The Cleveland Foundation is proud that our grant to HFLA will help underserved community residents establish and build credit, which is key to an individual’s ability to access conventional funding in the future,” said Kathleen Hallissey, Director of Community Responsive Grantmaking for the Cleveland Foundation.

The Cleveland Foundation grant will also help HFLA meet the growing demand for loans to help clients escape from predatory loans, advance careers through education and secure vehicles for transportation to jobs. In recent years, HFLA’s pace of lending has more than doubled.

Over the past 112 years, HFLA has provided over 26,000 interest free loans in response to the diverse needs of capable and able people without access to capital. HFLA has a 97% rate of repayment by loan recipients, which is better than that of most banks.

While the local economy has improved, there are still individuals who need support from the Hebrew Free Loan Association. Though the name of the organization reflects its Jewish heritage and ideals, loans are made to individuals on a non-sectarian basis.

For additional information visit our website, www.interestfree.org or call 216-378-9042.

For information on donating to HFLA, click here to visit our donor platform.

Thanks to a generous grant from the Burton D. Morgan Foundation HFLA is able to expand its business loan program with interest free loans up to $10,000 to new and current entrepreneurs with financial need and lack of access to conventional funds. Some of HFLA’s first loans in 1904 were to immigrants arriving in Ohio and establishing a business to support their families, today is no different than 112 years ago, and we are thrilled to be able to continue our support of local entrepreneurs through interest free lending.

“Burton D. Morgan Foundation values the direct support HFLA provides to aspiring entrepreneurs through interest-free loans, as a first step to helping young businesses become eligible for traditional loans. HFLA is fulfilling a vital role in the Northeast Ohio funding community and the Foundation will be anxious to hear the stories of businesses assisted through our grant funding.”

Interest free loans allow people to help themselves with dignity. For a newly started business or an existing business sometimes just receiving a small interest free loan is often what is needed to get them to the next level.

For more information, and required documents visit our website, www.interestfree.org or call us at 216-378-9042.

For information on donating to HFLA, click here to visit our donor platform where giving is easier and more compelling than ever.