Israeli Spark: Social loans for businesses in Israel from Jewish donors around the world

by time news

The Capital Market Authority has announced the licensing of a credit intermediation system for Spark IL, a new peer-to-peer lending system (P2P) currently being established by the Jewish Agency and the Anchor Group, to enable small impact investors from around the world to provide interest-free social loans to small businesses in Israel.

The Spark IL platform is a public benefit company established in partnership with the Jewish Agency and the Anchor Group, with the aim of enabling young people from around the Jewish world who want to connect to Israel through investment in social goals, to strengthen the Israeli periphery through direct financial support. Equally important, Spark IL will allow young Jews and non-Jews from around the world an innovative, direct and technological channel to connect to the State of Israel through the story of business owners from all parts of the population in Israel.

The development of the technological platform for operating the venture was made possible thanks to donations from the Max and Marjorie Fisher Foundation, the Jewish Federation of New York UJA, the Kirsch Family Foundation and other donors. In the Jewish world, lenders and entrepreneurs and small business owners are usually excluded from the commercial financial system, in order to promote a direct impact on those businesses, which provide employment to thousands more people in the social and geographical periphery of Israel.

Spark IL is behind the Jewish Agency, which is spread throughout the Jewish world and develops innovative initiatives to strengthen the strategic link between Israel and the Diaspora and the social financial group Anchor, which provides credit to underprivileged populations and small businesses. Operate in about two months.

Amira Aharonovich, Director General of the Jewish Agency: “The Spark IL platform will enable social investors from around the Jewish world to connect to Israel in an innovative way in accordance with their interests and personal choices, and to take a significant part in strengthening Israeli society and empowering local entrepreneurs in the Israeli periphery.”

Sagi Balsha, CEO of the Anchor Group: “Spark IL is a project built to improve the financial health and accessibility of small business credit. The project will help hundreds of small businesses in the Galilee, the Negev and the social periphery to prosper and thus contribute to the integration of the periphery into the Israeli economy. I thank our partners in many ventures, the Jewish Agency and also the Capital Market Authority for the trust placed in the project.

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