Jewish Free Loan Toronto was founded in 1924 with the sole purpose of helping people help themselves. It currently has more than 800 active loans worth over $3 million circulating in the Community. In the early 1900's, many European Jews arrived in Canada in search of a better life. As procuring employment proved difficult (especially for the observant) early versions of communal loan societies sprung up.
Some offered start-up loans for small business ventures while others such as the Loan Cassa helped settle Jews in agricultural areas. As Cassa evolved, it joined forces with the United Jewish Relief Agency and the Canadian Jewish Congress, and also began to offer business loans. In 1911, a Free Loan Society was formed in Toronto under the name of Associated Hebrew Charities.
Some offered start-up loans for small business ventures while others such as the Loan Cassa helped settle Jews in agricultural areas. As Cassa evolved, it joined forces with the United Jewish Relief Agency and the Canadian Jewish Congress, and also began to offer business loans. In 1911, a Free Loan Society was formed in Toronto under the name of Associated Hebrew Charities.
Services
Loans
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We offer interest-free Personal, Educational, Fertility and Business Loans to those in need. Business loans, which must be for the relief of poverty are given only to people who will rely on the new business as their sole source of income. This loan was introduced in order to help defray the heavy cost of tuition at Jewish schools.
Small Personal Loans
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Non-guaranteed personal loans of up to $3000 introduced to help people in need who could not secure co-signers. A senior citizen received $1,000 to help pay his rent while waiting for his pension to arrive. At the time of the loan, this senior only had $2.00 left in his bank account. Please note: The submission of your loan application does not create any legal obligation on JFLT to provide the requested loan.
Educational Loans
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Jewish Free Loan Toronto provides Education Loans of up to $12,000 to help Jewish students attain their academic goals. Completed Promissory Note (with the original signature of the applicant and the guarantors). Since JFLT Educational Loans are intended to supplement existing financial assistance programs, if your school is OSAP-eligible, you must include proof of application to OSAP.
Business Loans
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JFLT can provide business loans of up to $10,000 to support the start-up costs of a new business by a Jewish resident of Ontario. As JFLT complies with Canada Revenue Agency regulations - Business Loans will only be granted for the relief of poverty. These loans are for new ventures only and will only be given to people for whom this new venture is their sole source of income.
Jewish School Loans
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Jewish Free Loan Toronto is committed to helping parents defray the heavy cost of tuition at Ontario Jewish schools. Parents who have children enrolled in any Jewish Day or Afternoon school in Ontario can apply1. Monthly repayments are $20 a month per $1000 borrowed. So, if you borrow, $1000 you pay back $20 a month and if you borrow $12,000 you pay back $240 a month.
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