Since the outbreak of the coronavirus pandemic, the Jewish Free Loan Association (JFLA) has been working remotely to ensure people receive their interest-free loans.
“It’s extremely gratifying to be able to help people when they are in such times of crisis,” JFLA Executive Director Rachel Grose told the Journal. “It’s difficult to see so many people facing such difficult times, and I think it is important for the public to know how devastated a lot of the city is.”
And in the wake of the looting that occurred after weekend protests against police brutality over the death of George Floyd, JFLA announced on June 1 it will offer loans to small businesses affected by the looting.
“The idea is to be here for all the small businesses in L.A. and Ventura counties,” Grose said. “It is a time when businesses were just going to start opening up, especially restaurants and clothing stores. To have people already experiencing such economic devastation, to be almost ready to try and recover and to be on the receiving end of looting and destruction, it’s devastating.”
Under the program, interest-free loans of up to $18,000 are available to all residents of L.A. or Ventura counties, provided they are U.S. citizens. The loans can be used toward debris cleanup, graffiti removal, construction needs, inventory replacement and more.
“It’s difficult to see so many people facing such difficult times, and I think it is important for the public to know how devastated a lot of the city is.” — Rachel Grose
While the loans don’t require the borrower to put up any collateral or pay any fees, JFLA requires two guarantors who can repay the borrower’s debt if he or she is unable to pay it back themselves.
This is not the first time JFLA has offered loans to businesses impacted by civil unrest in the city. After the Watts riots in 1965, the organization assisted businesses in rebuilding, Grose said.
“Jewish Free Loan has been around since 1904 providing loans in good times and bad to people of all faiths who reside in L.A. or Ventura counties,” she said. “On the one hand, we aren’t doing anything new —we’re offering the same loan. On the other hand, we are responding in very direct ways to new needs.”
With the coronavirus pandemic, followed by these latest protests, Grose said, “I think the majority of society is living close to the edge. We’re seeing that every day.”
For more information on obtaining a loan, visit JFLA.
