HFLA of Northeast Ohio

What HFLA of Northeast Ohio does

HFLA of Northeast Ohio is a 501(c)(3) nonprofit microlender headquartered in Cleveland, Ohio, that has provided interest-free loans to residents of Northeast Ohio since 1904. Originally founded by Charles Ettinger, Morris Black, and others who pooled $501 to help European refugees settle in America, the organization operates a revolving loan fund model in which borrower repayments are recycled into new loans. Today HFLA offers six core products: Standard/Personal loans up to $10,000, Education loans up to $20,000 lifetime ($5,000 per academic year), Business loans up to $20,000, Furloughed Employees loans up to $1,500, Bridges@Work partnership loans up to $1,500 with United Way of Geauga County, and a Credit Building Loan launched in 2022. An Auto Loan Program introduced in 2022 was paused indefinitely in Fall 2024. All loans carry 0% interest, no fees, and no collateral, with repayment terms up to 48 months.

The organization's technology infrastructure is built on standard nonprofit SaaS: a Salesforce-based Loan Management System for application and repayment tracking, Little Green Light for donor CRM, IvyTek for loan management, and DocuSign for electronic document signing. SMS is used for client communication and payment reminders. The team consists of approximately five full-time staff plus seasonal interns, including an Executive Director, Programs Operation Director, Business Loan Officer, Operations and Compliance Manager, and Development Associate. Underwriting is explicitly human-centered, evaluating whole-borrower circumstances rather than relying on credit scores alone.

HFLA's business model is donation-funded: it sustains operations through individual donors, monthly giving (Sprouts Club), tribute gifts, bequests, stock donations, IRA Qualified Charitable Distributions, donor-advised funds, and corporate grants from Citizens Bank, Huntington Bank, PNC Bank, Cleveland Foundation, JumpStart, and multiple family foundations. The organization uses a hybrid go-to-market: community-led referrals from partners including Metro West CDO, Youngstown Neighborhood Development Corporation, Community Financial Centers, May Dugan Center, NEOHCED, and Urban League of Greater Cleveland, combined with a direct-to-consumer self-serve online application at application.interestfree.org. As of December 2025, HFLA serves 7 counties and 37 cities, with $1,498,743 currently deployed across 239 active loans and a 2024 disbursement of $689,405 across 79 loans.

Name

HFLA of Northeast Ohio

Legal name

HFLA of Northeast Ohio

Website

https://interestfree.org

Company type

Private

Founded year

1904

Operating status

Operating

Headcount range

1–10 employees

Short description

HFLA of Northeast Ohio is a Cleveland-based 501(c)(3) nonprofit, founded in 1904, that provides 0% interest personal, education, business, and emergency loans to residents across seven Northeast Ohio counties, funded by donations and grants and disbursed via a revolving community loan fund.

Ownership category

akta.pro rank

Product category

Nonprofit Community Lending

NAICS

Nondepository Credit Intermediation (5222), Credit Intermediation and Related Activities (522)

SIC

Personal Credit Institutions (6141), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Private Student Loans (Undergraduate & Graduate) (FSAKAEAB)

akta.pro secondary industry

In-School Tuition & Fee Financing (Short-term/Bridge) (FSAKAEAG)

Keywords

• Interest-free lending
• Personal loans
• Education loans
• Small business loans
• Nonprofit community lending

Headquarters

HQ city

Beachwood

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Donations and Charitable Contributions: HFLA operates as a nonprofit organization sustained entirely through donations and support from the community. Donations go directly into providing interest-free loans. Revenue comes from individual donors, monthly giving (Sprouts Club), tribute gifts, bequests, stock donations, IRA Qualified Charitable Distributions, donor advised funds, and corporate giving programs.
2. Loan Repayments (Revolving Fund): Money paid back by borrowers monthly is reinvested into new loans, creating a sustainable revolving loan fund. This model multiplies the impact of each donation as funds are recycled back into the community.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

HFLA of Northeast Ohio provides interest-free loans to individuals, students, and small business owners in Northeast Ohio who cannot access traditional financing. The organization operates as a revolving loan fund funded by donations and grants, offering personal loans (up to $10,000), education loans (up to $20,000 lifetime), business loans (up to $20,000), furloughed employee loans (up to $1,500), Bridges@Work loans (up to $1,500), and credit building loans. All loans carry 0% interest, no fees, and no collateral requirements.

Product overview

HFLA of Northeast Ohio offers a portfolio of interest-free loan products designed for residents who cannot access traditional financing. The core products include Standard/Personal Loans (up to $10,000), Education Loans (need-based, up to $20,000 total), Business Loans (up to $20,000), Furloughed Employees Loans (up to $1,500), Credit Building Loans, and Bridges@Work Loans (up to $1,500, partnership with United Way). The organization also offered an Auto Loan Program (launched 2022, paused 2024). All loans feature 0% interest, no fees, and no collateral requirements, with a revolving loan fund model where repayments are recycled to help other community members.

Differentiator

Problem solved

Functional benefit

Brands

• Bridges@Work: A loan program partnered with United Way of Geauga County and Catholic Charities that helps address unexpected financial challenges for workers in Geauga County.
• Sprouts Club

Products and services

• Standard/Personal Loan Interest-free personal loans addressing unexpected financial challenges such as home and car repairs, debt consolidation, and emergency funeral expenses. Maximum loan amount is $10,000, requiring a guarantor. Available to Northeast Ohio residents who cannot access traditional financing.
• Education Loan Need-based interest-free loans for undergraduate, graduate, vocational, and technical schools. For 2-4 year degrees, loans up to $5,000 per academic year with $20,000 maximum lifetime. For programs under 1 year or graduate degrees, up to $10,000. While enrolled full-time, $100/month payments apply.
• Business Loan Interest-free loans for small businesses and startups needing capital when traditional lenders are unwilling to take on the risk. Maximum loan amount is $20,000 with repayment terms ranging from 12-48 months (e.g., up to $4,000: 12-15 months; up to $8,000: 24 months; up to $15,000: 36 months; up to $20,000: 48 months). No prepayment penalties or fees.
• Furloughed Employees Loan Emergency standard loan supporting federal employees affected by government shutdowns. Covers up to $1,500 with no guarantor required. Repayment starts on the 15th day of the month after payment is reinstated.
• Credit Building Loan Loan program designed to help Northeast Ohioans build credit by providing access to interest-free capital with reporting to credit bureaus. Addresses the credit score barrier that prevents many borrowers from accessing conventional loans.
• Bridges@Work Loan Partnership loan product with United Way of Geauga County and Catholic Charities helping Geauga County workers address unexpected financial challenges. Loans up to $1,500 for work-related emergency expenses. HFLA's most popular loan type.

Quantifiable outcome

• 97% repayment rate (2023 data)
• +6 more outcomes

Named customers12 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

14 partnerships are on record, tiered core and minor.

• JumpStartcoreChannel Partner/ Reseller/ DistributorCleveland-based nonprofit that helps entrepreneurs turn their dreams into reality. Referred Stephanie Kluk of Future Ink Graphics to HFLA for business loan.
• United Way of Geauga CountycoreStrategic or Co-development PartnerPartnership for Bridges@Work program providing loans to Geauga County workers for work-related emergency expenses. HFLA's most popular loan type.
• Northeast Ohio Hispanic Center for Economic Development (NEOHCED)coreStrategic or Co-development PartnerUmbrella organization for Northeast Ohio Hispanic Chamber of Commerce, Hispanic Business Center, and Hispanic Community Development. Lead organization for CentroVilla25 redevelopment. HFLA provided business loans to seven businesses in CentroVilla25.
• May Dugan CentercoreChannel Partner/ Reseller/ DistributorGreat referral partner offering free financial counseling to HFLA applicants and borrowers.
• Youngstown Neighborhood Development Corporation (YNDC)coreChannel Partner/ Reseller/ DistributorReferred Patti McSuley of Compassionate Wigs to HFLA for business loan.
• Metro West CDOcoreChannel Partner/ Reseller/ DistributorPartner organization where HFLA holds open office hours. Referred Carmen family and other borrowers to HFLA.
• Community Financial CenterscoreChannel Partner/ Reseller/ DistributorJose Colon served as financial coach for Carmen family, referring them to HFLA for interest-free loan.
• Cuyahoga CountycoreStrategic or Co-development PartnerPartnership with NEOHCED to support minority/women-owned small businesses.
• Catholic CharitiescoreChannel Partner/ Reseller/ DistributorPartner with United Way of Geauga County for Bridges@Work program.
• Urban League of Greater ClevelandcoreChannel Partner/ Reseller/ DistributorProvided business insight to Leslie Elston of Maraq Gourmet Soup Shop, referred him to HFLA for loan assistance.
• Central KitchenminorStrategic or Co-development PartnerFood production partner for Maraq Gourmet Soup Shop, helping scale the business.
• Hispanic Business CentercoreStrategic or Co-development PartnerWorked with Stephanie Kluk to create full business plan for Future Ink Graphics.
• Pivot Center for Art, Dance and ExpressioncoreStrategic or Co-development PartnerArts hub where Future Ink Graphics operates. HFLA loan helped build out the makerspace.
• Western Reserve Land ConservancyminorStrategic or Co-development PartnerBought homes at Euclid Beach Mobile Home Community and partnered with HFLA to make loans for residents transitioning to new locations.

Scale indicators16 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Mission Asset Fund: San Francisco nonprofit that runs 0% interest Lending Circles for unbanked immigrants and low-income families to build credit. Highly comparable model to HFLA's interest-free revolving loan fund for credit-building purposes.
• Hebrew Free Loan Society: The original and largest Hebrew Free Loan Society, founded 1892 in NYC. Operates the same interest-free Jewish communal loan model across multiple product lines (small business, education, personal), making it the closest direct peer to HFLA of Northeast Ohio.
• Kiva: Crowdfunded 0% interest microloan platform serving small business and personal borrowers excluded from traditional credit markets. Comparable to HFLA in mission (interest-free lending to the underserved) and credit-building function, though operating through a digital marketplace rather than community referrals.
• DreamSpring: National CDFI providing small business loans to underserved entrepreneurs, particularly women, minorities, and low-income founders. Comparable to HFLA's business loan segment serving minority and women-owned small businesses in Northeast Ohio.
• Grameen America: U.S. microfinance nonprofit providing small business loans to women in poverty. Shares HFLA's nonprofit, mission-driven lending model targeting borrowers shut out of mainstream credit, though Grameen uses group-lending rather than guarantor-based underwriting.
• Justine Petersen Housing and Reinvestment Corporation: St. Louis-based CDFI offering small business and consumer credit-building loans to underbanked borrowers. Comparable to HFLA's business loan and credit-building products, though operates as a CDFI with broader geographic reach.
• Hebrew Free Loan Society of Greater Philadelphia: Philadelphia-area Jewish free loan affiliate providing interest-free loans for small business, education, and personal needs. Closely comparable peer operating the same communal lending model in a different regional market.
• Hebrew Free Loan Association of San Francisco: Bay Area affiliate of the Jewish interest-free loan movement offering small business, education, and personal loans to underserved borrowers. Operates the same revolving fund model with 0% interest, comparable to HFLA of Northeast Ohio.

Others

• International Association of Jewish Free Loans: Umbrella network of more than 30 Jewish free-loan affiliates across the U.S. and Canada. HFLA of Northeast Ohio is a member; IAJFL coordinates funding, best practices, and shared loan guarantees across the affiliate network.

Emerging players

• Opportunity Fund (now DreamSpring): California-based CDFI specializing in small business lending to immigrant and minority entrepreneurs, now merged with DreamSpring. Provides partial overlap with HFLA's business loan segment and credit-building mission.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/hflaofneo
• YouTubeyoutube.com/channel/UC4zwQQWO-TTp4EfkXeC6mGA
• Facebookfacebook.com/HFLANEO
• LinkedInlinkedin.com/company/hfla-cleveland
• Instagraminstagram.com/hflaofneo/?fbclid=IwAR03QxtxVjRGinmcav2p5jPHu0TikzCYkY7OEXndl93MNFnrgUVSmoayNHg

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 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 HFLA of Northeast Ohio