Leading Israeli peer-to-peer lending platform SparkIL announced on Monday the launch of their newest initiative – enabling users to support the small business of their choice.
As part of the initiative, users can explore business opportunities based on SparkIL’s categorization: People, Place, and Purpose.
Users can search for prospective opportunities and sort options according to Israel’s demographic communities (Ethiopian Israelis; Haredim; Israeli Arabs; LGBTQ individuals; new immigrants; people with disabilities); cities and regions (Negev/south, the Galilee, Golan Heights; the Jerusalem area, etc.), and socioeconomic causes (coexistence, art/culture/leisure, education, employment, environment, health, youth at risk).
Conversely, when a business finishes repayment on its loan, the lender can choose to reinvest its money into other worthy businesses — ensuring that the initial loan has indefinite ripple effects.
“SparkIL presents a unique opportunity to engage world Jewry with the ability to make a direct impact on Israeli society at the ground level,” said Na’ama Ore, CEO of SparkIL. “This digital platform could serve as a much-needed bridge connecting lenders with the entrepreneurs and businesses who need their help the most.”
Established in partnership with The Jewish Agency for Israel and The Ogen Group, the platform enables users to participate in crowdfunding interest-free loans which aim to make a measurable and continuing impact on underserved populations across Israel.
“Rooted in a sense of mutual responsibility, this is a win-win proposition — for lenders who are looking to put their values into action and for businesses with pressing capital needs. SparkIL is poised to contribute toward the goal of securing a vibrant Jewish future for generations to come,” said Amira Ahronoviz, CEO/Director General at The Jewish Agency and the Chair of the Board of SparkIL.