Small Business Loans
In response to the tough credit market and dismal employment climate, Hebrew Free Loan has initiated a three-pronged solution to provide loans or find lending sources for Jewish-owned small businesses. hfl.bis programs are designed to keep the community vital, give our younger, hard-working and educated generations employment options, and prevent the "brain-drain" crippling Michigan.
- Loan amounts up to $25,000
- Funding available for all business models — from start-ups, to established entities seeking to upgrade or expand, to legacy models seeking to re-invent
- Each option requires the applicant to complete documentation as if they were seeking funding through traditional lenders.
HFL Signature Loans
For businesses too undercapitalized to qualify for a bank loan, but could benefit from and have the ability to re-pay an interest-free loan.
After the completed documents are returned to the office, our small business loan committee reviews the requests, interviews the borrower, and makes their decision to grant or deny the loan.
- Two co-signers required
- 3 to 5 year terms
- Maximum loan amount is $15,000
Contact:
Laurie Banks
248-723-8184
lbanks@hfldetroit.org
Community Bank Partner Loans
Loans are secured by traditional means through a community bank partner. Hebrew Free Loan guarantees a portion of the collateral for the loan.
- HFL pledges collateral of up to 25% of the loan amount
- Maximum HFL collateral pledged is $25,000 on a $100,000 loan
- Helps business with sound concepts but few resources move forward in a tough credit period
Contact:
Jeff Kopelman
Nstar Bank
248-530-2861
jkopelman@nstarcommunitybank.com
Michael Banks
Peoples State Bank
248-548-2900
michaelb@bankpeoples.com
TechTown Entrepreneurial Loans
HFL has partnered with Wayne State University's TechTown, a business incubator offering new and existing businesses tools to grow and succeed.
- Applicant businesses enroll in TechTown's SmartStart program
- SmartStart provides a myriad of consultants for mentoring, product development, business plan development, marketing, basic business operations, office space, etc.
- Hebrew Free Loan provides up to $25,000 in loan capital; TechTown identifies additional sources for funding, if needed
Contact:
Steve Bessonny
313-483-1137
steve@techtownwsu.org