Hebrew Free Loan is proud to contribute to entrepreneurship in Michigan by providing interest-free business loans to the Jewish community. Depending on the level of need, Hebrew Free Loan offers three types of interest-free loans to cover business expenses from equipment to start-up and expansion.
Eligibility Requirements
Hebrew Free Loan personal loan applicants must be Jewish, at least 18 years old, and have permanent residency in Michigan. Applicants must demonstrate both the need for the loan and the ability to pay it back within the timeframe established by Hebrew Free Loan.
Loan Process (Except for Marvin I. Danto Small Business Loans)
The first step to applying for a Hebrew Free Loan personal loan is to submit an online application to the best of your ability. If you are unable to access our online application or need assistance, call Hebrew Free Loan at 248-723-8184. Once your application is submitted, a staff member will schedule an interview with two members of Hebrew Free Loan’s board of directors. You (and your spouse, if applicable) will be asked to provide a copy of your current driver’s license. If your loan request is approved, you, your spouse and your co-signers will be required to sign a promissory note.
Loan Repayment
Monthly payments on Hebrew Free Loan personal loans start 30-45 days after the loan is issued. Payment terms are discussed and finalized during the loan interview with Hebrew Free Loan’s board members. Loan payments may be made by automatic, monthly deductions from your checking account or by check or cash delivered to the Hebrew Free Loan office in person or by mail.
Confidentiality
Hebrew Free Loan does not disclose your personal information to anyone, except as permitted by law and/or as authorized by you. We continue to adhere to this privacy policy after your loan account has been closed. However, Hebrew Free Loan may discuss your loan payments with your co-signers at any time. All members of Hebrew Free Loan’s board of directors are also bound by this confidentiality policy.
Personal Small Business Loans
Description: For Jewish Michigan residents who own small businesses to pay for start-up costs, equipment, inventory, cash-flow challenges and other business-related expenses.
Maximum Loan Amount Available: $10,000
Co-Signer requirement: qualifying Michigan co-signers *
Business Opportunity Loans
Description: For Jewish Michigan residents who own small businesses to start up or expand, pay for workspace, equipment, inventory, staffing and other business-related expenses.
Business and projection plans are required.
Loan Amount Available: $10,000 – $20,000
Co-Signer requirement: qualifying Michigan co-signers *
Marvin I. Danto Small Business Loans
Description: Thanks to the generous support of the Marvin (z”l) and Betty (z”l) Danto Family Foundation and Stephen (z”l) and Nancy Grand, the Marvin I. Danto Small Business Loan Program provides interest-free loans for business startups and expansions in amounts ranging from $20,000 to $100,000. The business must be in Michigan and have at least 51% Jewish ownership. These loans allow a small business to start up or expand at a larger dollar amount than the Business Opportunity Loans to pay for workspace, equipment, inventory, staffing and other business-related expenses. Marvin I. Danto Small Business Loans may not be used for real estate purchases or towards debt or cash-flow shortfalls.
Business and projection plans are required, along with additional financial and market analysis.
Loan applications are evaluated on a case-by-case basis, and generally have a payback term of 36-48 months.
Loan Amount Available: $20,000 – $100,000
- For loans up to $50,000, 2 qualifying Michigan co-signers*
- For loans above $50,000, 3 qualifying Michigan co-signers*
Please contact Joel Hechler for more information and to apply: jhechler@hfldetroit.org or 248-515-4770.
