SoCal nonprofit offering no-interest loans to help small businesses survive pandemic
The nonprofit Jewish Free Loan Association is providing interest-free loans to small businesses in Los Angeles and Ventura counties to help them survive the coronavirus pandemic.
LONG BEACH, Calif. (KABC) -- In the days following Los Angeles County's stay-at-home orders Lord Windsor Coffee saw its customers dwindle.
The Long Beach small business was in danger of closing down as owner Lindsay Ries Windsor searched for options to stay afloat.
"Just like everybody else I've applied for every single thing you can apply for - all the grants, all the banks - and I've been put on a ton of waiting lists, but with JFLA I didn't have to wait," said Windsor.
The Jewish Free Loan Association provided Windsor's business with an interest-free loan. Since the COVID-19 crisis the nonprofit has stepped up its lending to individuals and small businesses.
Individuals can qualify for up to $3,000 and small businesses up to $18,000.
"Once the client submits all the paperwork we are able to turn around the loan in a matter of days," said Rachel Grose, director with the Jewish Free Loans Association. "And we are doing direct deposit so the money will show up in your account in a matter of 48 hours after the loan is approved."
Applicants do not need to identify as Jewish to qualify for a loan. They must be a U.S. citizen and either live in or have their business located in Los Angeles or Ventura counties.
Also to qualify one to two people must sign the loan and guarantee the loan repayment.
"The loan, albeit small, that we got really took a lot of pressure off of us. It let us breathe and focus on the day-to-day of trying to adapt to this new market," said Windsor.
JFLA is a nonprofit organization that is able to provide interest-free loans thanks to donors.
If you'd like to learn about donating or applying for a loan click on this link.
