Non-Profit Launches 10M Shekel Fund For Israeli Small Businesses

A Jerusalem-based non-profit organization that enables Jews around the world to support small businesses in Israel has launched a 10 million shekel (approx. $2.7 million) emergency loan fund to assist companies impacted by the war with Hamas in Gaza. 

SparkIL was founded in 2022 in cooperation with The Jewish Agency for Israel and The Ogen Group. It says each Israeli small business will be eligible for a loan of up to 100,000 shekels (approx. $27,000) and contributions to the fund begin at just $25. 

In its announcement of the fund, SparkIL cited the Bank of Israel forecast that the war will cost the country approximately $53 billion by 2025; JP Morgan’s prediction that Israel’s GDP will shrink by 11 percent this quarter; and the severe workforce shortages due to the emergency callup of more than 300,000 Israeli army reservists. 

“Around the world at a time like this, it is common for the typical supporter of Israel to ask, ‘How can I help?’ SparkIL has always offered a unique opportunity in that realm, and today that resonates more powerfully than ever,” said SparkIL CEO Na’ama Ore. 

“With small business owners hurting, these loans transform Israelis’ hurt and pain into hope. Simultaneously, for as little as $25, we give lenders a purpose and a tangible way to help,” she said. 

“SparkIL helps put the mutual responsibility the Jewish people have for one another into action,” said Jewish Agency CEO Amira Ahronoviz. 

“The loans granted by SparkIL will help small businesses and non-profit organizations in Israel survive this challenging period and allow supporters around the world to connect with Israel in a meaningful and impactful way.”