Hebrew Free Loan
Dublin Core
Title
Hebrew Free Loan
Subject
Hebrew Free Loan Association - Rhode Island
Description
The Hebrew Free Loan Association was founded on Feb 4, 1903 by a small group of businessmen who saw the need to help the growing number of immigrants who were coming here penniless from Europe. The small initial capital with which the organization was started was contributed by the few in the community who were able to do so.
The Association’s name until 1917 was Gemilath Chesed (Deeds of Loving Kindness), and all of its early records were in Yiddish.
The size of the loans granted at the beginning ranged from $5 to $25; but as time went on and the community grew, more funds became available, and the organization was able to grant larger loan amounts.
Persons requesting loans were required only to provide the names of two satisfactory endorsers. Loans up to $50 are granted with-out any endorsers. There are, of course, no charges made of the borrower.
What is so remarkable about our Hebrew Free Loan is its viability –Its fundamental and ongoing usefulness. In every era and whatever the need, the Association has been not only a beacon of hope but has offered practical steps toward self-improvement and security. Despite precise by-laws, only seldom amended, the Association has attracted not only new borrowers but also new donors and new directors, who continually recycle funds. As the world has rapidly evolved, Hebrew Free Loan has remained relatively simple, stable, and inviting.
Hebrew Free Loan has remained eager to assist with unforeseen and recurring difficulties, help young people start out on their own, and settle new waves of immigrants. In the latter capacity, the Association has worked fruitfully with Jewish Family Service and the Jewish Federation for three decades.
Hebrew Free Loan has prospered, both as an idea and as an actuality, for another important reason. True to Jewish teaching, the Association has never been considered a charity. Despite occasional references, the Association has never been a “Jewish bank.” Hebrew Free Loan has been an instrument of tzedakah -social justice -providing opportunities to Jews and others to help themselves.
The Association’s name until 1917 was Gemilath Chesed (Deeds of Loving Kindness), and all of its early records were in Yiddish.
The size of the loans granted at the beginning ranged from $5 to $25; but as time went on and the community grew, more funds became available, and the organization was able to grant larger loan amounts.
Persons requesting loans were required only to provide the names of two satisfactory endorsers. Loans up to $50 are granted with-out any endorsers. There are, of course, no charges made of the borrower.
What is so remarkable about our Hebrew Free Loan is its viability –Its fundamental and ongoing usefulness. In every era and whatever the need, the Association has been not only a beacon of hope but has offered practical steps toward self-improvement and security. Despite precise by-laws, only seldom amended, the Association has attracted not only new borrowers but also new donors and new directors, who continually recycle funds. As the world has rapidly evolved, Hebrew Free Loan has remained relatively simple, stable, and inviting.
Hebrew Free Loan has remained eager to assist with unforeseen and recurring difficulties, help young people start out on their own, and settle new waves of immigrants. In the latter capacity, the Association has worked fruitfully with Jewish Family Service and the Jewish Federation for three decades.
Hebrew Free Loan has prospered, both as an idea and as an actuality, for another important reason. True to Jewish teaching, the Association has never been considered a charity. Despite occasional references, the Association has never been a “Jewish bank.” Hebrew Free Loan has been an instrument of tzedakah -social justice -providing opportunities to Jews and others to help themselves.
Creator
Hebrew Free Loan
Date
1917
Format
Ballot box
Files
Collection
Citation
Hebrew Free Loan, “Hebrew Free Loan,” Rhode Island Jewish Historical Association, accessed April 28, 2024, https://rijha.omeka.net/items/show/15.