through log books dating back
to the first decade of the last
century, it amazed me how one
organization could remain so
relevant, even 111 years after its
inception.
core belief that people would rath-
er have a hand up than a handout
continues to inspire the more than
26,000 recipients of the organiza-
tion's interest-free loans.
cannot qualify for conventional
bank loans still raises eyebrows
in some sectors, with people not
understanding how we manage
to operate," said HFLA Executive
Director Michal Marcus. "Even af-
ter economist Muhammad Yunus
and his Grameen Bank received
the Nobel Peace Prize in 2006
for establishing micro lending in
Bangladesh, beginning in 1976,
our non-sectarian lending and
our interest-free model continues
to fly under the radar, although
we started more than 70 years
before Grameen Bank."
need for our services. HFLA is
not incorporated as a bank, and
our community would prefer
to believe that it does not have
the same needs as a developing
country like Bangladesh. The
truth is, however, that for many
Northeast Ohioans, one paycheck
can stand between their families
and financial ruin.
(Exodus 22:24), HFLA provides
interest-free loans to people in
need who, typically, may be con-
sidered high risk and unqualified
for conventional bank loans. That
being said, the HFLA default rate
is only 3%.
their story," Marcus told us. "We
build relationships, examine
applicants' income and expenses,
and make a loan determination
based on our belief that they will
repay it so that the next person
in need will have access to these
funds."
overnight she had to figure out
how to move. Her insurance had
lapsed and she didn't have the
extra income for this unforeseen
event. HFLA was there to help her
with an interest-free loan so she
could relocate and start afresh.
impact of interest-free loans on
the lives of her children:
parent with three children, the
collapse of a 20-year marriage
and a family business failure left
me facing huge financial stresses
as I attempted to rebuild our lives.
ed to attend college, I could not
HFLA lent our family the money
to fill in the gaps that the three
jobs I was holding could not fill.
My son got a job and together we
were able to pay his tuition. He
continued to thrive at university
and today is a successful busi-
nessman.
Again, HFLA was there to help
him achieve that goal. He is
currently a senior and is a pub-
lished researcher in the field of
psychology. He plans to pursue a
doctorate in psychology next fall.
University. HFLA was there for our
family again.
achieve their dreams. They took the
blessing that we were given and
used it to set goals and work hard
to achieve them. We are grateful
for the financial support we were
given and hope to someday help
others as HFLA has helped us in our
time of great need."
Temple Emanu El
6:30 to 10 pm
open bar, live music and silent auction. Meet some of the
25,000 people that HFLA has helped since 1904. This gala takes
place from 6:30 to 10 pm at Temple Emanu El, 4545 Brainard
Road in Orange Village. Please register by calling 216.378.9042,
emailing team@hflaclev.org or visiting hflaclev.org. Sponsorship
information is also available.
Synagogue Senior Adults and
B'nai Jeshurun's Hazak Group,
on Sunday, Nov. 15, 3:30 pm,
at Park Synagogue East, 27500
Shaker Blvd., Pepper Pike,
featuring the Laura Varcho Trio
in an upbeat musical program.
The event concludes with a
table-served dinner.
premier jazz pianist Joe Hunter,
and bass-player Bryan Thomas,
will play a wide variety of mu-
sic from past and present eras,
including songs from Gersh-
win, Porter, Lloyd Weber, and
many other talented compos-
ers. There will be something for
all music lovers to enjoy!
Cost is $30 per person for
community members. Prepaid
reservations are required by
November 6. For registration
information, please contact
Ellen Petler, Park Synagogue
program and volunteer direc-
tor, at epetler@parksyn.org or
216.371.2244, ext. 122.