JERUSALEM, June 1 (Reuters) – Israel’s Ogen Group mentioned on Monday it raised $30 million to supply emergency loans and monetary mentoring to small companies, non-profits and unemployed and furloughed employees affected by the coronavirus disaster.
Ogen, a non-profit organisation that offers each interest-free and low-interest loans, mentioned it’s searching for to lift one other $70 million to fulfill the rising credit score wants of people and companies. It famous it could presently finance 5,000 loans per 12 months, far lower than what is required within the wake of COVID-19. Greater than 1 million Israeli employees have registered as unemployment however greater than half are self-employed and never eligible for advantages, whereas over 20,000 small companies have been turned down for state-backed loans, Ogen mentioned. It has already issued a primary wave of emergency loans, distributing $2 million in interest-free private loans, near $Three million to small companies and greater than $3.5 million to assist non-profit organizations. (Reporting by Steven Scheer; Enhancing by Tova Cohen)