Last month, when federal unemployment benefits ran out, many New Yorkers saw their incomes drop by $600, leaving them scrambling to pay for their basic needs. As part of Commonpoint Queens’ workforce programs and initiatives, the human services organization has partnered with the Hebrew Free Loan Society to offer several loan options specifically targeting small business owners who have been impacted by the pandemic.
“We couldn’t be more grateful for the support of the Hebrew Free Loan Society, which has been an essential asset to our community both before and during the pandemic,” said Danielle Ellman, Commonpoint Queens CEO. “Not only have so many of our participants received relief towards unexpected emergencies, but small businesses – which are the heartbeat of the Queens economy – have been and will continue to receive aid from this partnership as well.”
“We are prepared for a whole raft of financial needs that people will be experiencing because of the coronavirus,” said Rabbi David Rosenn, Executive Director of the Hebrew Free Loan Society. “I think everybody needs to believe that they will make it through the next period and that there are people who have their back.”
This partnership is one of many collaborative efforts between Commonpoint Queens and other city-based organizations to provide relief to the community through the opening of The Hub, a one-stop social service center in Elmhurst that will provide services including Adult Employment, Digital Food Pantry, Vocational Training, English to Speakers of Other Languages, Work Supports, Financial Counseling, and Legal Services. The Hub is slated to open later this month.
In addition to loans meant to support small businesses, Hebrew Free Loan Society also has options to help New Yorkers keep up with rent payments, make up for lost wages, cover medical expenses, pay for child care, or any financial challenges with no-fee, no-interest loans. Their loan programs include:
- Coronavirus Loans provide up to $5,000 with just one guarantor
- General Needs Loans provide up to $7,500 with two guarantors
- Health Care Loans provide up to $10,000 with two guarantors
- Vocational Training Loans provide up to $15,000 with two guarantors
- Undergraduate Loans provide up to $7,500 per year with two guarantors
- Small Business Loans provide up to $50,000 with two guarantors, with lower amounts available with one or no guarantors
All new HFLS loans will have a three month grace period before repayments begin.
Any and all low- and moderate-income New Yorkers living in NYC’s five boroughs, Westchester, or Long Island are eligible to apply. HFLS is a non-sectarian lender, providing assistance regardless of an applicant’s religion, citizenship status, or credit history.
For more information please visit www.commonpointqueens.org/
More About Commonpoint Queens
Commonpoint Queens is a social services organization that meets the diverse and evolving needs in the borough of Queens —a place where people of all ages and backgrounds come together to find support, access opportunities, and build connections to the community throughout their lives. To learn more, go to www.commonpointqueens.org.
More About the Hebrew Free Loan Society
The Hebrew Free Loan Society makes 0% interest loans that help low- and moderate- income New Yorkers in need stabilize and strengthen their financial lives. HFLS has nearly 2,400 loans outstanding, totaling more than $19 million. Learn more about HFLS by visiting HFLS.org or visit our pages on LinkedIn, Facebook, and Twitter.