Hebrew Free Loan Society of New York
Encyclopedia
Hebrew Free Loan Society of New York, founded in 1892, is the oldest money gemach
in the United States. It spawned similarly named free-loan funds in many other cities, including Washington, D.C.
; Philadelphia, Pennsylvania; and Holyoke, Massachusetts
.
Using money provided by contributions, the society provides small, interest-free loans which are paid back in weekly instalments. Today, the society provides more than $6 million in interest-free loans on an annual basis while maintaining a less than one percent loss rate.
Gemach
Gemach is a Jewish free-loan fund which subscribes to both the positive Torah commandment of lending money and the Torah prohibition against charging interest on a loan. Unlike bank loans, gemach loans are interest-free, and are often set up with easy repayment terms.Gemachs operate in most Jewish...
in the United States. It spawned similarly named free-loan funds in many other cities, including Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
; Philadelphia, Pennsylvania; and Holyoke, Massachusetts
Holyoke, Massachusetts
Holyoke is a city in Hampden County, Massachusetts, United States, between the western bank of the Connecticut River and the Mount Tom Range of mountains. As of the 2010 Census, the city had a population of 39,880...
.
Using money provided by contributions, the society provides small, interest-free loans which are paid back in weekly instalments. Today, the society provides more than $6 million in interest-free loans on an annual basis while maintaining a less than one percent loss rate.