Israeli nonprofit Ogen Group raises $30m. for coronavirus aid

While unemployment rates soar in and millions of Israelis and businesses face major financial instability amid the coronavirus pandemic, the Ogen Group announced that it has raised $30 million dollars to provide emergency survival loans and financial mentoring to small businesses, non-profits and unemployed and furloughed workers. 'Thanks to the tremendous generosity of our supporters, Ogen will be able to double the daily amount of loans we issue. This is still far from what is needed at this unprecedented time, and we continue to appeal to those who want to impact the future of Israel to support our life-changing work by helping us provide life-changing loans to those in need.” said Sagi Balasha, CEO of the Ogen Group. More than one million workers have registered as unemployed or on unpaid leave in Israel since the pandemic began, some 54 percent of whom are self-employed and ineligible for unemployment benefits. More than 20,000 small businesses have been turned away for government-backed loans. The financial fallout has pushed Israel's non-profit sector to breaking point also. Twenty-five percent of Israeli non-profits, on which hundreds of thousands of Israelis depend for daily services in healthcare, welfare, education and more, have ceased operations entirely. The Ogen Group is a non-profit organization that aims to create a fairer and stronger economy for Israelis. While the organization has already raised $30 million, they are currently embarking on a campaign to raise an additional $70 million to meet the growing credit needs of individuals, small businesses and other non-profits. Recent donations have taken Ogen's total lending capital $100 million, however the figure still denotes less than 0.5% of Israel's credit market, according to a statement released by the organization. As of right now Ogen can finance just five thousand loans per year, a number that during the financial crisis brought on by the coronavirus pandemic, barely scratches the surface. Already the non-profit organization has issued a large wave emergency loans, distributing $2 million in interest-free personal loans, close to $3 million to small businesses and more than $3.5 million to help non-profit organizations, which has utilized all of Ogen's available funds. Donors and impact lenders from Israel and abroad have risen to Ogen's challenge, having contributed already $30 million towards the life-changing loans, loan guarantees and crisis-era financial coaching the organization provides. Most of the new funds have come from one anonymous Israeli donor who donated $20 million in a deep show of civic and social responsibility for those affected by the financial crisis. Among the many additional philanthropists and organizations worldwide that made significant contributions also were Trudy and Bob Gottesman, Russell Berrie Foundation, the Max & Marjorie Fisher Foundation, the Jewish Agency for Israel, The Max Barney Foundation from the UK, Jewish Communal Fund (JCF), PEF Israel Endowment Funds, the UJA Federation of New York, Migdal Group and Boaz Raam alongside a number of additional anonymous contributors. In addition to their loans, the organization also offers mentoring and guidance, ensuring loans go out to the right people that will have the greatest chance to rebuild through “Ogen La'Bayit” and Keren-Shemesh, which have received support from donors including Google.org and Israel's National Insurance Institute (Bituach Leumi).

Israeli nonprofit Ogen Group raises $30m. for coronavirus aid

Twenty-five percent of Israeli non-profits, on which hundreds of thousands of Israelis depend for daily services in healthcare, welfare, education and more, have ceased operations entirely.

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Israeli nonprofit Ogen Group raises $30m. for coronavirus aid

Twenty-five percent of Israeli non-profits, on which hundreds of thousands of Israelis depend for daily services in healthcare, welfare, education and more, have ceased operations entirely.

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