Financial Affairs

HFLA Offers Fast-Track Loans Up To $ 1,500 For Those Affected By COVID-19 | Local News

After Governor Mike DeWine closed all schools in Ohio On March 12, the Hebrew Free Loan Association of Northeast Ohio wasted no time setting up an accelerated emergency loan program, which lends individuals up to $ 1,500 without interest.

The next day, the Beachwood-based organization received 60 calls, and the number only increased after bars and restaurants have been ordered close in the following days.

The loans are for residents of Northeast Ohio who have been affected in one way or another by the COVID-19 pandemic, whether it is lost income, a sudden need for funds to pay for child care or some other need.

Executive Director Michal Marcus said the organization generally needs a guarantor for loans it offers up to $ 10,000. For accelerated loans of $ 1,500, all you need to do is submit an application and documents.

“These are written directly to individuals because we know that if you are a restaurant worker, or in some type of service industry that is not currently working and you are not getting income, you will need of that money to buy groceries, you’re going to need that money to pay for a babysitter, ”Marcus said. “There are needs where we cannot write it directly to the source of the need.”

In the first week of Fast Track Lending, HFLA was able to provide same-day loan execution once an application was complete and a promissory note was signed. HFLA uses DocuSign so that loans can be signed electronically.

Marcus said that because his organization is now working remotely, checks could take three to five days to appear for loans because “they’re coming straight from the bank and we’re trying to have as little physical contact as possible.”

During the first week of the program, Marcus said she saw “a lot of anxiety” around the impact of the pandemic and the unknown end date.

She said the first person to receive an emergency loan was a single mother working in university hospitals who now has to pay childcare costs since her children are out of school. More loans have been made to people working in the restaurant industry and she has been contacted by substitute teachers who are not getting paid if they are not in school.

HFLA accelerated loans are typically aimed at individuals, although Marcus said small businesses are also likely to suffer and need larger loans.

Marcus also said she was grateful to HFLA supporters who asked how they can help the organization keep its momentum going.

“It’s been a little heartwarming to know – to see how much people care,” she said. “And we need it, our funds are going to run out.”

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