Hebrew Free Loan Society

What Hebrew Free Loan Society does

Hebrew Free Loan Society (HFLS) is a 501(c)(3) nonprofit founded in 1892 and headquartered in New York City, providing interest-free loans to low- and moderate-income residents across New York City's five boroughs, Westchester County, and Long Island. The organization operates 12 distinct loan programs covering small business, housing, healthcare, education, immigration legal fees, adoption, and special needs, and has cumulatively extended more than $500 million to over 900,000 borrowers with a reported 99.9% repayment rate. A 2025 partnership with Keshet extends the Move to Thrive program geographically into additional states for families with special needs.

HFLS runs a lean operation of 11-50 staff supported by a modern fintech stack including ID-Pal for identity verification, Plaid for bank account authentication, and DocuSign for electronic loan documentation. Loan underwriting combines this digital infrastructure with community-based review, consistent with its mission-driven model.

HFLS is funded entirely through philanthropic contributions, foundation grants, and institutional partnerships rather than borrower interest. Major partners include UJA-Federation of New York (including the Day School Tuition Fund), Bank Leumi, the NYC Comptroller (an $8 million small business loan program launched for 2026), Keshet, and City College of New York. Capital is recycled: repaid principal is re-lent, multiplying the social impact of every donated dollar and enabling the organization to scale loan volume without proportional growth in fundraising.

Name

Hebrew Free Loan Society

Legal name

Hebrew Free Loan Society

Website

https://hfls.org

Company type

Private

Founded year

1892

Operating status

Operating

Headcount range

11–50 employees

Short description

Hebrew Free Loan Society, founded in 1892, is a New York City nonprofit providing interest-free loans to low- and moderate-income residents across 12 programs, serving over 900,000 cumulative borrowers with a 99.9% repayment rate.

Ownership category

akta.pro rank

Product category

Nonprofit Community Lending

NAICS

Nondepository Credit Intermediation (5222)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Small-Dollar Short-Term Installment Loans (Non-payday) (FSAKAMAI)

akta.pro secondary industry

Down Payment Assistance (DPA) & Homebuyer Subsidy Programs (FSALAKAE)

Keywords

• Interest-free loans
• Nonprofit microlending
• Community lending
• Small business loans
• Debt consolidation loans

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Donations and Grants: HFLS is a nonprofit 501c3 organization that fundraises from individuals and foundations to fund operations. Every $1 donated mobilizes nearly $10 in interest-free loans for lower-income New Yorkers.
2. Loan Repayments: Loan capital is repaid and lent out again and again, multiplying impact over time. The 99.9% repayment rate ensures sustainable recycling of loan capital.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels9 records

Core offering

Hebrew Free Loan Society (HFLS) is a nonprofit 501(c)(3) organization that provides interest-free loans to low- and moderate-income residents of New York City's five boroughs, Westchester, and Long Island. It operates a portfolio of 12+ specialized loan programs covering personal needs, healthcare, education, small business, homeownership, adoption, fertility treatment, debt consolidation, security infrastructure, and training, all at 0% interest and 0% fees with a guarantor-based underwriting model.

Product overview

Hebrew Free Loan Society operates as a non-sectarian, nonprofit interest-free loan organization serving lower-income New Yorkers since 1892. The organization offers a comprehensive portfolio of 12 distinct loan programs addressing diverse financial needs: personal loans (General Needs up to $7,500), healthcare financing (Health Care up to $15,000), education (College Loans up to $30,000, UJA Scholarships), family formation (Adoption up to $25,000, Fertility Treatment up to $25,000), housing (Mitchell-Lama up to $30,000, Veterans Homeownership up to $30,000), small business development (Small Business up to $60,000), special needs education (Special Education Bridge Loans), vocational training (Training & Certification up to $15,000), security infrastructure (Security Infrastructure up to $150,000), and debt relief (Fresh Start up to $20,000). Additional initiatives include the Move to Thrive relocation loan program and the UJA Day School Tuition Fund. All loans are 0% interest and 0% fee, funded through donations and repaid at rates of $250-$500/month depending on loan type. The portfolio is unified by shared eligibility criteria (income limits based on HUD guidelines), guarantor requirements, and a common application process using ID-Pal for identity verification and Plaid for financial verification.

Differentiator

Problem solved

Functional benefit

Products and services

• General Needs Loan Program Interest-free personal loans of up to $7,500 to low- and moderate-income residents of NYC's five boroughs, Westchester, or Long Island for emergencies, large expenses, or general financial needs. Loans of $5,000 or less repayable at $250/month over 20 months; loans over $5,000 at $300/month over 25 months.
• College Loan Program Interest-free loans of up to $7,500 per academic year (up to four years; $30,000 total) for low- and moderate-income residents to help pay undergraduate college expenses. Repaid in 25 monthly installments of $300; one loan repaid at a time. FAFSA required prior to application.
• Fresh Start Debt Consolidation Loan Zero-interest, no-fee loans of up to $20,000 for clients referred by select financial counseling organizations (Neighborhood Trust Financial Partners, Community Service Society of NY, NYLAG, Kosher Debt Help) to consolidate high-interest debt and regain financial stability.
• Fertility Treatment Loan Program Interest-free loans of up to $25,000 to support fertility treatments including medications, IUI, IVF, surrogacy, egg freezing, and donor eggs for low- and moderate-income residents of NYC, Westchester, or Long Island.
• Health Care Loan Program Interest-free loans of up to $15,000 to help fund medical, dental, or other health-related needs including surgery, medical equipment, medications, addiction recovery treatment, therapy, or counseling. Repayable at $300/month over 50 months.
• Adoption Loan Program Interest-free loans of up to $25,000 to support adoption costs including agency fees, advertising, travel, and birth parent medical expenses. Repayable over up to five years.
• Mitchell-Lama Homeownership Loan Program Interest-free loans of up to $30,000 to lower-income residents to help purchase a Mitchell-Lama apartment. Repaid at $500/month over 60 months. Requires official Mitchell-Lama closing letter listing purchase price.
• Veterans Homeownership Loan Program Zero-interest, no-fee loans of up to $30,000 (or 2% of home purchase price, whichever is lower) for US Military Service Members purchasing homes through the SONYMA Homes for Veterans program. Partnership among HFLS, State of New York Mortgage Agency, and NYC Department of Veterans' Services.
• Small Business Loan Program Interest-free loans of up to $60,000 to help low- and moderate-income entrepreneurs launch or expand a business in NYC, Westchester, or Long Island. Monthly repayment begins three months after disbursement with terms typically ranging 12–36 months.
• Special Education Bridge Loan Program Interest-free bridge loans for families with children attending special education schools while awaiting NYC Department of Education reimbursement. Also provided through partnerships with select special education schools. Loans are immediately repayable from settlement or award proceeds.
• Training & Certification Loan Program Interest-free loans for non-degree professional or vocational training and certification programs. General Training loans up to $7,500; Accredited Training loans up to $15,000. Supports program costs and living expenses for the program duration.
• Security Infrastructure Loan Program Interest-free loans of up to $150,000 to Jewish communal organizations to enhance security infrastructure for preparing, preventing, and responding to terrorist attacks and security threats. Bridge loan financing also available for organizations with government security grants (repaid within 6 months).
• Move to Thrive Program Interest-free relocation loans for individuals and families fleeing states with anti-LGBTQ laws. Joint initiative with Keshet providing loans to help finance moves to safer states. As of latest reporting, 29 applications approved representing 56 people across households in 12 states, with $274,500 disbursed.
• UJA Day School Tuition Fund Tuition scholarship program administered by HFLS for UJA-Federation of NY. Provides up to $18,000 per child for grades 6-8 and up to $20,000 per child for grades 9-12 for families transferring to Jewish day schools. Jewish communal professionals eligible for up to $15,000 per child (max $30,000 per family). UJA committing $15 million over three years.
• UJA Higher Education Scholarship Programs Scholarship programs administered by HFLS for UJA-Federation of NY providing approximately $1 million annually to students with financial need. Includes Rose Biller Scholarship (Jewish residents), Jean and Albert Nerken Scholarship (international students), and Rachel and Selim Benin Scholarship (Israeli graduate students in STEM).

Quantifiable outcome

• 99.9% repayment rate maintained over 130+ years
• +3 more outcomes

Named customers9 records

Segments8 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

13 partnerships are on record, tiered core and minor.

• NYC Comptroller's OfficecoreStrategic or Co-development Partner · 28 May 2026Partnership to expand access to zero-interest loans for small businesses across all five NYC boroughs. HFLS committed $8 million in interest-free capital - the largest allocation ever for small business lending in a single year. Targets businesses in neighborhoods with high storefront vacancy rates and historically marginalized areas.
• Colin Powell School for Civic and Global Leadership at City College of New YorkminorStrategic or Co-development Partner · 1 October 2025Partnership to provide interest-free emergency loans of up to $2,000 to currently enrolled low- and moderate-income students at City College.
• KeshetcoreStrategic or Co-development Partner · 1 March 2025Joint initiative called 'Move to Thrive' launched in March 2025 to provide interest-free loans to help LGBTQ individuals finance moves to safer states. The initiative has drawn more than 400 inquiries, approved 29 applications representing 56 people across households in 12 states, and disbursed $274,500 in loans.
• Jewish Day Schools NetworkcoreStrategic or Co-development Partner · 1 January 2025HFLS administers the UJA Day School Tuition Fund serving 50+ eligible Jewish day schools in NYC, Long Island, and Westchester. Schools include Ramaz School, SAR Academy, Yeshiva University schools, and many others.
• Bank Leumi USAminorStrategic or Co-development Partner · 1 January 2021Bank Leumi USA Small Business Support Initiative at HFLS has provided more than $600,000 in interest-free Small Business Loans to help low- to moderate-income New Yorkers launch, grow, or expand their businesses.
• NYC Small Business CommunitycoreOthers · 1 January 2005Small Business Loan program launched in 2005. Since then, HFLS has provided more than $39.5 million in loans to over 1,000 entrepreneurs. The program provides interest-free loans of up to $60,000 for qualifying small business owners.
• Neighborhood Trust Financial Partners (NTFP)coreStrategic or Co-development PartnerFinancial counseling partner organization that refers clients to HFLS Fresh Start loans for debt consolidation. NTFP serves residents of NYC, Long Island, and Westchester.
• Community Service Society of New York (Financial Coaching Corps)coreStrategic or Co-development PartnerFinancial counseling partner serving residents of NYC's five boroughs. Refers clients to HFLS Fresh Start loans.
• New York Legal Assistance Group (NYLAG)coreStrategic or Co-development PartnerLegal services organization serving residents of NYC's five boroughs. Refers eligible clients to HFLS Fresh Start loans.
• Kosher Debt Help (Collective Kindness)coreStrategic or Co-development PartnerNational nonprofit financial counseling organization serving residents of NYC's five boroughs, Westchester, and Long Island. Refers clients to HFLS Fresh Start loans.
• State of New York Mortgage Agency (SONYMA)coreStrategic or Co-development PartnerCollaboration to provide 0%-interest, no-fee loans to US Military Service Members purchasing homes through the SONYMA Homes for Veterans program. HFLS loans cover down payment assistance up to $30,000 or 2% of purchase price.
• NYC Department of Veterans' Services (DVS)coreStrategic or Co-development PartnerGovernment partner in the Veterans Homeownership Loan Program collaboration with SONYMA. Helps connect veterans to affordable homeownership financing.
• UJA-Federation of New YorkcoreStrategic or Co-development PartnerHFLS is a UJA-Federation of NY Network Agency. UJA administers scholarship programs through HFLS including the Rose Biller Scholarship, Jean and Albert Nerken Scholarship, and Rachel and Selim Benin Scholarship. UJA is committing $15 million ($5M/year for 3 years) to the Day School Tuition Fund.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Grameen America: Grameen America provides microloans to low-income women entrepreneurs in the U.S. Like HFLS's Small Business Loan program, it serves underserved borrowers with group-lending or character-based underwriting, though Grameen focuses exclusively on women-owned microbusinesses.
• Kiva: Kiva is a nonprofit crowdfunding microlender that enables $0-interest loans to underserved borrowers globally. Like HFLS, Kiva operates as a mission-driven nonprofit providing affordable credit to those excluded from traditional banking, though it does so via an online crowdfunding model rather than guarantor-based underwriting.
• BorrowersFirst (formerly Community Loan Fund): Community loan funds and CDFIs in NYC (such as BOC Capital, Ascendus, and Neighborhood Trust Financial Partners) provide small business and consumer loans to underserved New Yorkers. They directly overlap with HFLS's Small Business and Fresh Start loan programs in target market and use case.
• Accion Opportunity Fund: Accion Opportunity Fund is a nonprofit CDFI providing small business loans to underserved entrepreneurs, including interest-free or low-interest products. Like HFLS, it addresses credit gaps for low- and moderate-income borrowers in the U.S.
• International Federation of Accountants / Jewish Free Loan Associations: The Jewish Free Loan Association is a national network of community-based interest-free loan funds serving Jewish and broader community members. HFLS is the largest member organization; these groups share a common interest-free lending mission and guarantor-based model.

Emerging players

• Prosperity Now: Prosperity Now is a nonprofit focused on financial stability and economic mobility for low-income Americans, supporting affordable lending products and CDFI partnerships. It is thematically aligned with HFLS's mission to expand access to affordable credit.
• Opportunity Finance Network: Opportunity Finance Network is the leading national association of CDFIs, including many that offer small-dollar, low-interest loans. HFLS operates in a similar space to OFN's member CDFIs, particularly for small business and consumer lending.

Others

• National Community Reinvestment Coalition (NCRC): NCRC advocates for fair lending and supports CDFIs serving low- and moderate-income communities. It is an ecosystem enabler for mission-driven lenders like HFLS rather than a direct competitor.
• UJA-Federation of New York: UJA-Federation is HFLS's primary network agency and a major funder via the $15M Day School Tuition Fund. It is not a direct lending peer but a key institutional partner that channels donations into HFLS programs.

Regional players

• State of New York Mortgage Agency (SONYMA): SONYMA is a state government housing finance agency offering low-cost mortgage products including the Homes for Veterans program, which partners with HFLS for down payment assistance. It is a direct collaborator on the Veterans Homeownership Loan product.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/hflsnewyork
• LinkedInlinkedin.com/company/hebrew-free-loan-society
• Xx.com/HFLSNewYork

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hebrew Free Loan Society