life changing loans · $35 million available for low-interest loans $330 million lent more than...
TRANSCRIPT
A n n u a l R e p o r t 2 0 1 8 - 2 0 1 9
LIFE CHANGING LOANS
A N N U A L R E P O R T
O GEN TODAY
Continuit y and Grow th
This past year has been among the most exciting and significant for Ogen since our founding by Professor Eliezer Jaffe z’’l, as “Israel Free Loan Association - IFLA,” nearly 30 years ago.
In our daily work, through both Ogen - Free Loan Fund and Ogen La’Bayit, we have changed thousands of lives this year, providing hope and opportunity to some of the most financially neglected people in Israel.
In parallel, we’ve worked tirelessly to prepare for the launch of our new project, Ogen - Social Loan Fund. Through this new venture, Ogen will have the funding and structure to make an even bigger impact, changing not just individual lives, but Israel’s economy at large also.
This year, your support has helped people like Rena, a young woman who took an Ogen loan to move her cosmetics business to a much larger space in central Jerusalem. Rena came to Ogen, as so many of our customers do, because she couldn't get support for her business from the banks on reasonable terms. But thanks to you, Ogen was able to give Rena the help she needed to expand her business and increase her income dramatically.
Every day, we speak with people just like Rena, who ask us to thank you for being there in their times of need.
They are the reason we come to the office each day, and the reason you choose to partner with us. So, on their behalf, we thank you for your support and your trust, for providing a place to turn to for all those searching to build a better financial future in Israel.
THE O GEN GROUP
In addition to Ogen La’Bayit, which joined Ogen in 2017, and Ogen - Social Loan Fund, which was established in 2018, two organizations are joining the new “Ogen Group” in 2019: Keren Shemesh and Crowd.il. You can read about both on pages 12-13.
With these new partners, Ogen is adding tailor-made solutions to the challenges of economic empowerment and credit access in Israel. Each partner within the group is a stand-alone financial unit, with all donor money allocated 100% to the individual project you choose.
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O GENBy the Numbers
$80 million under management
Interest-free lending fund of $45 million
$35 million available for low-interest loans
$330 million lent
More than 62,500 loans made
2% operating costs
0.7% default rate
Currently managing 11,000 loans
Approximately $20 million loaned annually
Around 2,000 new loans annually
Keren ShemeshOgenSocial Loan Fund
Ogen La’Bayit
O GEN - FREE LOAN FUND
Introduction
Crowd.ilJoint venture with the
Jewish Agency for Israel
A N N U A L R E P O R T
O GEN: LIFE CHANGING LOANS
Ogen - Free Loan Fund
SNAP SHOT OF O GEN LOANS
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Ogen has been providing interest-free loans to low-income Israelis for close to 30 years.
Our loans offer a lifeline to people in financial need, creating a path to a better financial future.
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The above data is based on the Bank of Israel conversion rate of 3.748 on December 31, 2018.
Single Parent Families$ 16,476,192
General Financial Hardship$ 129,730,477
Large Families$ 26,402,521
Israelis of Ethiopian Descent$ 17,707,827
Goodwill$ 419,734
Medical Needs & Disabilities$ 8,770,520
Home-ownership$ 3,673,735
Students$ 9,429,225
Non-Profit Organizations$ 6,678,796
Small Businesses$ 109,818,049
General Financial Hardship$ 7,555,519
Large Families$ 570,540
Israelis of Ethiopian Descent$ 190,840
Goodwill$ 99,095
Medical Needs & Disabilities$ 114,504 Single Parent Families
$ 354,255
Home-ownership$ 1,150,975
Students$ 295,250
Non-Profit Organizations$ 141,363
Small Businesses$ 6,099,520
Amount Loaned 1990 - Present
TOTAL$329,107,076
TOTAL$16,571,861
Amount Loaned 2018
Ogen - Free Loan Fund
A N N U A L R E P O R T
Interest-free loans at Ogen are funded primarily through “Named Loan Funds." Named Loan Funds, which start from $10,000 in cumulative donations, allow you as a donor to establish your own interest-free micro-fund within Ogen. A Fund can be dedicated however you choose - in memory of a loved one for example, or in honor of a special milestone.
Over time, as loans are repaid and recycled to new borrowers, your donations have a "helping value" worth several times the value of the original gift. This is the special beauty of the Named Loan Fund concept - it is a reusable resource helping more and more people over time.
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Yochanan, an electrician, approached Ogen after taking a business course which gave him the guidance and business knowledge he needed to go out on his own. He had the technical skills, business knowledge and a strong plan. What he lacked was financing.
Launching a business requires a significant investment in necessary equipment and marketing to build name recognition and a clientele. Ogen gave me the resources I needed to purchase supplies and develop my marketing strategy. Thanks to your help and confidence in me, I'm busy and successful working for myself in my field of choice.
Yochanan, Ogen borrower, Jerusalem
Dorit, Ogen borrower, Ashdod
Ogen - Free Loan Fund
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The People You Help
Dorit, from Ashdod, is a divorced mother of three who works as a secretary in a preschool. Her daughter Noa is disabled and requires special adjustments to both her house and car. A loan of ILS 30,000 from the Leo & Vera Plotkin Loan Fund at Ogen helped Dorit purchase a new car equipped with a lift for Noa's motorized scooter, facilitating transportation and helping to maintain Noa's sense of independence when the family goes out.
Thank you from the bottom of my heart. You are truly doing holy work, making such a difference to so many families.
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O GEN - FREE LOAN FUND Named Loan Funds
A N N U A L R E P O R T
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O GEN: LIFE CHANGING LOANS
Ogen - Social Loan Fund: Phase one of Israel’s f i rst not-for-profit bank
Ogen - Social Loan Fund is a not-for-profit “impact investment” fund, providing low-interest loans to small business, first-time homebuyers and non-profit organizations.
The Social Loan Fund is a forerunner to Ogen - Israel Social Bank, the first non-profit digital social bank in Israel, which will provide affordable and transformative credit solutions and financial services to all Israelis.
Having broken through countless glass ceilings already, the Social Loan Fund is now poised to launch, and set to revolutionize the meaning of financial opportunity and inclusion in Israel.
Secured $35 million in initial lending capital (both donated equity and impact investments)
Submitted an application to the Capital Markets Authority for a lending license
Appointed a board of directors (listed on page 27) including banking, financial and philanthropic leaders in Israel
Gained an unprecedented approval from the Israel Tax Authority, becoming Israel's first non-profit monetary institution
Submitted a complete business plan to the Bank of Israel, ahead of a full banking license application next year
MILESTONE AFTER MILESTONE: ACHIEVEMENTS TO DATE
WHY LAUNCH A SO CIAL BANK?
Israel has no system for financial inclusion of disadvantaged populations
Disadvantaged populations in Israel face a severe lack of access to affordable credit
Donations alone are insufficient to meet the need
Investor deposits (rather than donations) will provide new levels of lending capital
A fully-licensed social bank will transform Israel’s banking industry
INVESTING INOgen - Social Loan Fund
Social impact investors make a minimum $1m investment
The Social Loan Fund makes low-interest loans to: small businesses, first-time homebuyers and non-profit organizations
Loans are given alongside financial guidance and consultancy from Ogen and partners
At the end of the investment period, principal is repaid to the investor
Low risk: Ogen will cover up to first 5% of default losses
Investors have the option to receive modest annual interest
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Yaakov, owner of ALEF Bar, Ogen borrower, Machane Yehuda, Jerusalem
Ogen - Social Loan Fund
A N N U A L R E P O R T
O GEN LA'BAYIT
For over a decade, a chronic housing crisis in Israel has left tens of thousands of young families financially trapped - unable to buy a home or save while renting.
Ogen La’Bayit turns this challenge on its head.
Through free, expert financial analysis and practical coaching, Ogen La’Bayit takes young, hard-working Israelis from modest financial backgrounds and turns them into first-time homeowners and savers.
Assess and analyze the family’s finances & feasiblity for homeownership
Improve the family's monthly savings and spending habits & repayment ability
Help the family find the right home for its needs and long-term financial health
Guide the family through the legal and technical process of buying a home
Help the family prepare its mortgage application
Provide (when needed) a supplementary loan to help with the down payment
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O GEN LA'BAYIT WORKS WITH EACH FAMILY TO:
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Ogen La'Bayit
O GEN LA'BAYIT IN 2018
409 Families received financial and homeownership coaching
279 Families purchased their first home
41 Families took a loan from Ogen to supplement their down payment
ILS 3,505,000 loaned
Average size of loan: ILS 88,655
The People You Help
Prior to coming to Ogen, Melkam and Dena had been earning and saving monthly for several years, but with high property prices and living costs, they found themselves unable to buy a home.
Over several months, Ogen La'Bayit advisors reviewed their finances, balanced their spending, helped them determine how much they could afford to pay for a home, and guided them through the practical process of finding and buying the right home.
Melkam and Dena have now moved into the first home that they can truly call their own, a landmark for their families.
Ogen La'Bayit was tremendously helpful throughout the process. The staff was always available for any question we had. Your support was the last piece we needed to make our dream a reality. Thank you." Melkam and Dena, Kiryat Malachi
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A N N U A L R E P O R T
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NEW PROJECTS: COMING SO ON
Keren Shemesh: Mentorship for Small Businesses
Keren Shemesh, established and supported until today by the Edmond J. Safra Foundation, provides expert mentorship to young entrepreneurs, helping guide the next generation of small business growth, entrepreneurship and job creation in Israel.
Every year, Keren Shemesh pairs 300 new young entrepreneurs with experienced, accomplished volunteer mentors from Israel’s business community. Mentors take it upon themselves to support entrepreneurs for up to two years, meeting monthly and providing an invaluable source of managerial input, experience and support.
Ogen has been making business loans to enterprises in partnership with Keren Shemesh for many years, establishing a close bond and mutual trust. As a credit lender, Ogen believes strongly that any loan is more successful and less risky when the borrower receives guidance and support, alongside financing. We're excited that as of next year, Keren Shemesh will become part of Ogen.
As part of the Ogen group, Keren Shemesh, based in Tel Aviv, will have the ability to help an ever-wider network of young entrepreneurs, and will ensure that the businesses which Ogen lends to can receive the best possible ongoing strategic support.
Imad, Owner of PlanB Education Center, Ogen borrower, Jerusalem
New Projects
Ogen - Crowd.i l
In partnership with the Jewish Agency for Israel (JAFI), Ogen is currently planning the launch of Crowd.il.
Crowd.il is a non-profit P2P (peer-to-peer) crowdfunding platform which will provide an online meeting place through which young social investors from around the world can provide interest-free micro-loans to entrepreneurs in Israel’s geographic and socio-economic periphery.
Unlike Ogen’s other pending platforms, Crowd.il will allow its investors around the world to log on, view and directly select the loans they want to make. In doing so, the platform combines both meaningful Israel engagement with social impact investing.
Ogen and JAFI, with the support of UJA Federation of New York, the Ness Fund of the Jewish Community Foundation of Greater MetroWest NJ, the Max M. & Marjorie Fisher Foundation and the IDB Foundation, are currently developing the technological platform that will be the backbone of Crowd.il.
Based on Ogen’s decades of experience managing loans to small businesses across Israel, Ogen will manage the underwriting and debt collection services for the partnership and supply supplemental loan capital in partnership with our generous donors.
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A N N U A L R E P O R T
Meet an Ogen Donor and Lay Leader
HIGHLIGHTS
Named Loan Fund
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Yair Cohen is a donor and board member at Ogen. Professionally, Yair is a real estate developer with a deep commitment to economic opportunity and social change. Yair serves as CEO of Avney Derech Construction and Development. Yair is also an ordained rabbi and a former manager at Ogen’s partner NGO, Paamonim.
How did you become involved with Ogen?From the outset, the real estate company I founded has operated in part on social values, making sure young families can become homeowners. Building on that, I co-founded a non-profit which grew into Ogen La’Bayit, which today is flourishing and helping hundreds of families to become homeowners and savers.
You’re a lay leader with Ogen. What does your involvement look like?I sit on the board of Ogen - Free Loan Fund and the steering committee of Ogen La’Bayit. This year I was also elected to the board of the new Ogen - Social Loan Fund, which will become Israel’s first not-for-profit social bank, a vision I believe in passionately and have been working towards for several years.
What inspires you about Ogen?Ogen strives to create an economy in Israel which is just, fair and compassionate, but also favors people who work hard and take responsibility for their lives. This is a combination that resonates with me, in terms of both Jewish values and also my own personal life experience.
In 2017, The Cheryl Saban Self-Worth Foundation established the Cheryl Saban Fund for Single-Mother Entrepreneurs at Ogen. To date, the Fund has helped nine single mothers launch or expand their businesses. Borrowers from the Fund are religious and secular, Arab and Jewish, from across Israel.
Meet t wo Saban Entrepreneurs:
Hila took a loan to grow her business creating professional displays for trade shows and conferences, and is thrilled with the impact this support has had on her company. Hila has now taken on a second employee to help meet the growing demand. Within a year, her profits have more than doubled.
Dalit sells custom-made, embroidered Judaica. She originally took the loan from the Cheryl Saban Fund for Single Mother Entrepreneurs to build a Hebrew website and begin selling online. Now, she is also developing a web site in English, in order to appeal to a broader clientele. Dalit’s business is evolving and growing, thanks to her hard work and the support she received.
About YAIR COHEN
Hila, Ogen borrower, Her zl iya
Supporter Highlights
A N N U A L R E P O R T
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WAYS TO GIVE
Establish and Grow a Named Loan FundWith cumulative donations of $10,000 you can establish a loan fund in honor or in memory of a loved one. Donations are recycled (loaned to borrowers, repaid to Ogen and then loaned again) on a continual basis, meaning the impact of each donation multiplies over time.
Help Develop Ogen - Israel Social BankEstablishing the first not-for-profit bank in Israel (and first new bank of any kind since 1972) is a complex and costly process. To show your support for this vision, choose to support Ogen’s strategic investment in the future.
Make an Impact InvestmentThrough an investment with Ogen you can create huge social impact AND get your money back - with modest interest. Philanthropic impact investors make a minimum $1 million investment which provides large low-interest loans to small businesses, first-time homebuyers and non-profit organizations in Israel.
Support Ogen La'BayitDonate to fund the financial coaching process that helps get young hard-working Israeli families into affordable home ownership. A donation of $10,000 will enable Ogen to guide 10 families through the home buying process from start to finish, turning dreams into reality.
Donate to Support the Goodwill TrackSupport Ogen’s approach to help borrowers who fall outside of our usual lending criteria, including people with no alternative credit options. The Goodwill Track enables Ogen to lend to some of the most financially marginalized people in Israel.
Make a General DonationDonate to support Ogen's general growth and operations, new partnerships, ideas and technologies to improve our service. Designating a gift for Ogen's operations costs allows us to improve the scope and effectiveness of our work.
Join the Legacy CircleInclude Ogen in your legacy planning to make an impact in perpetuity. Ogen's cyclical loan model is ideally suited to legacy giving, creating the pathway for a continued impact and a legacy for future generations of your family to oversee.
Be a Partner in Ogen - Crowd.ilHelp Ogen and the Jewish Agency for Israel build our innovative new peer-to-peer lending platform.
Give to Keren ShemeshProvide expert business coaching and mentorship for young entrepreneurs and mid-life career switchers across Israel.
Ways to Give
A N N U A L R E P O R T
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FINANCIAL REP ORTS - 2018
FINANCIAL INFORMATION SUMMARYBalance Sheet in ILS
December 31, 2018
December 31, 2017
Long Term ReceivablesLoan repayments due in successive years 94,024,487 104,490,387
Other 87,774 126,60294,112,261 104,616,989
Fixed AssetsCost 7,433,887 6,997,292Less - accumulated depreciation 3,831,722 3,535,062
3,602,162 3,462,230212,138,827 207,121,789
Net - AssetsUnrestricted 10,768,145 10,710,544Temporarily restricted 193,411,744 192,293,668
204,179,889 203,004,212212,138,827 207,121,789
LOAN ACTIVITYBalance of repayment at beginning of year 172,348,470 174,668,871
Liabilities And Net-AssetsLiabilities 4,628,065 2,445,642Grant funds - held in trust 3,330,873 1,671,935
7,958,938 4,117,577
FINANCIAL INFORMATION SUMMARYBalance Sheet in ILS
December 31, 2018
December 31, 2017
AssetsCurrent AssetsCash and cash equivalents 46,801,437 28,602,837Short term investments 3,066,678 2,506,899Loan repayments due in current year 63,510,394 67,858,083Accounts receivable 522,995 74,751Total 114,424,401 99,042,570
FINANCIAL INFORMATION SUMMARYBalance Sheet in ILS
December 31, 2018
December 31, 2017
New loans granted 58,401,670 73,250,730Loans repaid (73,215,259) (75,571,131)Balance of repayments owed at end of year 157,534,881 172,348,470
OPERATIONAL BUDGET
IncomeContributions for overhead 294,905 85Loan fund administrative fees 3,906,658 3,921,371Amount released to cover Ogen La'Bayit activity 1,404,531 652,686
Borrower administrative fees 627,737 665,428Grant administration fees 390,386 318,784Contributions toward new programs 270,780Contributions toward Keren Eloul 270,000
7,164,997 5,557,354
ExpendituresSalaries and related expenses 3,584,291 3,187,054Ogen La'Bayit* 1,404,531 652,686Borrower credit checks 216,624 76,850Office expenses 422,477 429,832Resource development 392,202 280,847Legal and accounting 135,115 141,117Depreciation 296,660 308,589Development of new activities 559,016 153,145Financial expenses, net 34,374 185,720
7,045,290 5,415,840*Unlike in Ogen's audited financial statements, expenditures incurred for Ogen La'Bayit appear here as a separate line item. Expenditures listed herein for salaries and resource development have been amended accordingly, removing the relative costs of Ogen La'Bayit from these line items. Total expenditures are unchanged.
Financial Reports
A N N U A L R E P O R T
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Grossberg Abrams Foundation Fund| Gyryt Loan Fund | Harry & Eleanor A. Schick Fund | Homer Simpson Fund | Irving Montak Memorial Fund | Israel Joint Funds | J.B. & Margaret Blaugrund Fund | Jaffe Fund - Giving Wisely Fund | Jewish Federation & Family Services, Orange County, CA Fund | Joshua H. Resnick Memorial Fund | Jusaca Trusts Fund | Keren Simcha Letzdaka Fund | Larry Roth Memorial Fund | Lasko Family Foundation Fund | Lucius N. Littauer Foundation Fund | Marc Rich Foundation Funds | Max & Elli Podolski Fund | Mazel Fund | Michael Pushett Entrepreneurs Fund | Milton & Helen Monderer Foundation Funds | Moshe Rosengart z"l Charitable Trust | Nathan & Helen Kohler Foundation| Fund Olive Leaf Fund | Rabbi Simon Dolgin Memorial Fund | Rosalinde & Arthur Gilbert Foundation Fund | Samuel Rutta Fund | Sara Rivka bat Devora and Mordechai Yehuda Memorial Fund | Shirley Saper Memorial Fund | Slomo & Cindy Silvian Foundation Fund | Stephen & Faith Cohen 40th Wedding Anniversary Fund | Susan Ruth Fastow Memorial Fund | Tillie & Laurie Nidditch Foundation Fund | Velia O. Shibuk Memorial Fund | Yaakov’s Light Fund | Yehuda Katzin & Yissochar Dov Rotter Memorial Fund | Zahavi Large Families Fund
$50,001 - $100,000
Abe & Clara Eisen Memorial Fund |Acharai Loan Fund for People with Special Needs | Achim Labayit Fund | Alice & Tom Tisch Fund | Afula Gilboa Loan Fund | Alvin S Jarmel & Dr. Harry & Ruth Jarmulowsky Memorial Fund | Arthur Dollond Memorial Fund | Beracha Foundation Fund | Citron Family Foundation Fund | David & Barbara B Hirschhorn Foundation Fund |David & Inez Myers Foundation Fund | Dent-Craps Charitable Trust Fund | Doctor Edward Shaoul Memorial Fund | Dorot Foundation Fund | Dorothy & Helmer Weiner Memorial Fund | Dr. Ben Samuel Memorial Fund | Dr. Marvin Mazza Memorial Fund| Dr. Salomon & Esther Stemmer Fund | Drucker Family Student Loan Fund | East Jerusalem Small Business Loan Fund | Eli Weinstein Funds | Everett Fund | Gimprich Family Foundation Fund | Gorlin Family Foundation Fund | GP Fund | Granoff Fund | Groveman & Ancona Fund | Hadassah Katz Memorial Fund | Harry Kramer Memorial Fund | Help Fund | Ilana & Yair Gat Z"L Fund | Irving & Helen Betz Foundation Fund | Jack & Ruby Levkoff Memorial Fund | Jaffe Grandchildren’s Continuity Fund | Jewish Federation of Greater Middlesex County Small Business Loan Fund | Jewish Federation of North Shore Fund | Joe & Margit Hoffman Memorial Fund | Joshua Family Foundation Fund
Our Supporters
THANKS TO OUR SUPP ORTERS
General suppor t for strategic grow th, new programs and operations expenses:
$50,000 PLUS
Trudy and Bob Gottesman | Samis Foundation | Frederic Samama | PEF Israel Endowment Fund | Yair and Malki Cohen
O GEN NAMED LOAN FUNDSin alphabetical order (by first name) within each category
$1,000,000 PLUS
Legacy Heritage Fund | Moskowitz Funds | Rashi Fund | Sabbah Fund | Trudy and Bob Gottesman Fund
$500,001 - $1,000,000
Albert and Florence Dreisinger Fund | Am Ehad Atlanta for Economic Development Fund | Beren Sea Foundation Fund | Harry and Jeanette Weinberg Foundation Fund | The Henry and Ada Felzen Family Funds | IVN Fund | Keren Shemesh Fund | Oscar & Regina Gruss Fund
$100,001 - $500,000
A. Bader Trust Fund | AAEJ Fund | Aaron & Sarah Garfunkel Memorial Fund | Aaron Abecassis Family Foundation Funds | Abraham & Sonia Rochlin Foundation Funds | Abraham and Yehudit Marcus Fund | Abraham Memorial Fund | Arie & Eva Halpern Family Foundation Fund | Berman Family Foundation Fund | BGS Fund | Borchard Funds | Carob Tree Fund | Cheryl Saban Self-Worth Foundation Small Business Loan Fund for Single Mothers | Claire and Louis Sand Memorial Fund | David Halperne Memorial Fund | Davis Family Charitable Foundation Fund | Edward Adler Memorial Fund | Ezrah Fund | Fohs Foundation Fund | Freda Borger Memorial Fund | GR Charitable Trust Fund |
A N N U A L R E P O R T
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| Karish Fund | Kathryn Ames Foundation Fund | Kavod Tzedaka Collective Fund | Langerman & Pinczower Memorial Fund | Leo and Vera Plotkin Fund | Levi Lassen Foundation Fund | Lipsett Family Lee Javitch Memorial Fund | Louis J. and Miriam Novick Memorial Fund | Louis Maisel Memorial Fund | Marcus-Schwartz Israel Fund | Max Barney Foundation Interest Free Loan Fund | Minda Jaffe Memorial Fund | Morris A. Zipkin Memorial Fund | Orly & Guy Fund | Ploss Family Fund | Pri Etz Hadar | Raychel Solomon Memorial Fund | Raymond and Betty Kaplan Memorial Fund | Robert (Yaakov) Weisz Memorial Fund | Sam and Ruth Shapiro Memorial Fund | Samis Foundation Fund | Samson David Gruber Memorial Fund | Sara & Binyamin Feller Memorial Fund | Sara & Jacob Einhorn Memorial Fund | Schoenbaum Family Foundation Fund | Shirat Shlomo Fund | Sydney E. Franklin Fund | Terumah Philanthropic Fund | Teshuva, Tefila U’Tzdaka Fund | Varon Family Memorial Fund | William P. & Rachel Wolfe and Gerald & Helen Feldstern Fund | YH Tzuk Eitan Fund | Yitzhak Ben Haim, Tzvi Schwartz & Nissim Ben Moshe Yifrach Memorial Fund | Zarrow Family Foundation Fund | Zev & Marcia z”l Gelbendorf Fund | Ziv Tzedaka Fund
Up to $50,000
A2B Fund | Aaron Goodman Memorial Fund | Abe Wouk Foundation Fund | Abraham and Claire Adler Memorial Fund | Adeline & Frank Loewenberg Fund | Alan Dworkin Trust Fund | Alexander & Betty Mohrer Fund | Alvin & Zelda Morrison Memorial Fund | Ami Hordes Fund| Anna Abramowski Fund | Anonymous Fund | Arel Segal Fund | Arie and Manya Givoni Memorial Fund | Arkin Holdings Fund | Arlene & Arnold Goldstein Family Foundation Fund | Arthur (Yitzchak) Jaffe Memorial Fund | Atran Foundation Fund | Avital Dym Memorial Fund | Avraham Ventura Memorial Fund | Ayelet Eliashar Fund | Barbara & Daniel Drench Fund | Bart Simpson Fund | Baruch F. Munk & Akiva E. Simon Fund | BC Fund | Beit Shemesh Fund | Belda and Marcel Lindenbaum Memorial Fund | Belle Kirschenbaum Memorial Fund | Ben & Evelyn Lipshitz Memorial Fund | Benjamin & Chana Hoffman Memorial Fund | Berjulie & Hubert Press Memorial Fund | Bert E. Rosenstock Fund | Bertalan and Maria Siegelstein Memorial Fund | Bessiah Gloskin Halperne Memorial Fund | Bila bat Gedaliahu and Yecheskel ben Leib Fund | Bill Borowski Memorial Fund | Bloomberg Family Fund | Bloomington Group Fund | Bornblum Foundation Fund | Boyars Family Fund | Bracha Bat Binyamin Fund | Brookenthal-Feldman Lee Fund | Brooklyn Bressman Fund | Bruce & Bobby Nemer Fund | C.M. &
Raquel H. Newman Trust Fund | Carl Marks Foundation Fund | Carol Alexander Novack Fund | Celest Rene Blanche Sellie Bueno De Mesquita Memorial Fund | Chaim & Hanna Scherb Memorial Fund | Chaim Sorin Memorial Fund | Chana Halperne Sorin Memorial Fund | Chana Razel bat Aharon v'Sarah Memorial Fund | Charles & Beatrice Susman Loan Fund |Charles Feuer & David Simons Fund | Charles Schusterman Memorial Fund | Chen and Yona Eini Fund | CO-DA-DJ Fund | Cohen (Cardiff) Fund | Cy Gluck Memorial Fund | Cynthia & Sydney and Jack Goodman Memorial Fund | Cyril Stein Memorial Fund | Dahlia & Avinoam Gottlieb Fund | Daniel Rubin Memorial Fund | David Avraham Crayk z"l Fund | David Gottlieb Memorial Fund | Davidow Charitable Fund | Davidson Family Fund | Davis Foundation Fund | Della Worms Fund | Diane & Norman Linzer Family Fund | Diane P. and Guilford Glazer Fund | Dora and David Solomon Memorial Fund | Dorot Chevrat Tzedaka 2003 Fund | Dr. Ephraim Maron Memorial Fund | Dr. Mordechai Yaakov Knoll Memorial Fund | Dr. Robert Jack and Brenda Clair Poller Fund | Dr. Ruth Perlman Klebaner Memorial Fund | Dr. William Gold Memorial Fund | Dubrow Family Fund | Edie Ram Memorial Fund | Elaine Gorbach Levine Foundation Tzedakah Fund | Eli J. Band Memorial Fund | Elliot & Roslyn Jaffe Family Foundation Fund | Ephraim & Rachel Greenfield Fund | Eric Anthony Watts (Brown ’95) Fund | Esther & Albert Goldstein Memorial Fund | Esther & Myer Rosenberg Fund | Esther Taub Memorial Fund | Ethiopian Students Fund | Etrog 2 Fund | Evelyn Furman Rosen Memorial Fund | Exilarch’s Foundation Fund | Ezra & Linda Attar Fund | Fierst Family Fund | Florence Greenwald Dreisinger Fund | Fox Family Foundation Fund | Fred Simon Worms O.B.E. Memorial Fund | Freda Rosenfeld & Hillel Wallick Fund | Freida Mirvis Memorial Fund | Gemilut Chesed Fund | George Arnold Memorial Fund | Gershon & Harry Zwick Memorial Fund | Gil Topman Z''L Memorial Fund | Goldman Foundation Fund | Gordin-Glass Fund | Greenberg Family Fund | H. Friedman Fund | Hannah & Philip Blashki Memorial Fund | Hannah S. & Samuel A. Cohn Memorial Fund | Harav Avraham & Sarah Sopher Fund | Harav Jerry Robbins Memorial Fund | Harold & Bettey Neustadter Fund | Harold & Roslyn Stein Memorial Fund | Harold A. Schwartz Foundation Fund | Harold Grinspoon Foundation Fund | Harold Josey Z''L Fund | Hattie & George J. Golden Fund | Hawtof Suskin Families Fund | Heinish Foundation Fund | Helga Strahovnik and Shimon Zaricky Memorial Fund | Herbert J. & E. Solomon Foundation Fund | Herta Weil Memorial Fund | Hilde & Jochanan Sauer Fund | Hinda Leah Memorial
Our Supporters
A N N U A L R E P O R T
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Fund | Ian Karten Charitable Trust Fund | Ibn Art Memorial Fund | ID Believe Fund | Ilse & Fred Stamm Memorial Fund | Ira Daitzman Memorial Loan Fund | Ira Zackon Fund | Irving Pfeffer Z''L Fund | Isaac Djemal Memorial Fund | Isabelle Harris Memorial Fund | Israel (Issie) Akerman Memorial Fund | Ivan Ciment Charitable Foundation Fund | James & Merryl H. Tisch Fund | Jerry & Judy Klinger Fund | Jewish Federation of Fort Worth Fund | JJ Greenberg Memorial Fund | Joe & Wilma Horowitz Memorial Fund | Jonathan Grin Fund | Josef Franklin Fund | Joseph and Beverly Glickman Fund | Joseph Neustein Fund | Joseph Roumani & Elise Tammam Roumani Fund | Josephine Lee Memorial Fund | Joshua Mark Lipetz Memorial Fund | Judy Adler Memorial Fund | Karsch Fund | Kenneth & Anna Zankel Loan Fund | Keren Arie and Sara Fund | Keren Kanfei Yona – The Thelma Gorin Memorial Fund | Keren Michael Radzinski | Keren Or | Klitsner Family Fund | Klitsner-Wolff-Shapiro Family Fund | KLK Fund | Kriel Family Fund | Large Families Fund | Larry Rochlin Student Loan Fund | Leg Up Fund | Leila Rendel Fund | Leo Grahame Memorial Fund | Leopold & Zdenka Herzog & Margaret Tedesdo Fund | Lillian Rebecca Silverstein Loan Fund | Linda Laing Memorial Fund | Lorraine Gastwirt Memorial Fund | Louis & Frances Benjamin Memorial Fund | Luria Family Foundation Fund | Madeleine and Sydney Baigel z"l Memorial Fund | Madlyn and Lou Barnett Living Trust Fund | Marian & Robert S. Brill Memorial Fund | Marilyn Lowenstein Memorial Fund | Martin & Muriel Ziff Family Fund | Mashe & Dorothy Kodish Memorial Fund | Mauricio Grin Fund | Maxine Blendis Family & Friends Fund | Mem Philanthropic Fund | Menahem Mendel Fogel Memorial Fund | Menashe and Miriam Levy Memorial Fund | Michael & Minna Kreisel Torah Gemilut Chesed Fund | Michael Bronzite Fund | Michael Kesztenbaum Loan Fund | Milton & Diana Davis Philanthropic Fund | Mirel Emanuel & Adolf Gleicher Memorial Fund | Molly & Morris Friedman & Leon & Dorothy Sacks Fund | Mordechai Nechemia Dickstein Fund | Morris & Beverly Baker Foundation Fund | Moses Hess Memorial Fund | Moskovits Hillel & Avigail Fund | Murray Gold Memorial Fund | Naama Nadler (Samuel) Memorial Fund | Nahlat Shlomo Fund | Nancy & Jeffrey Hallis Philanthropic Fund | Naomi Banner Memorial Fund | Naomi Ozeri Memorial Fund | Nash Family Foundation Fund | Neksis Fund | Neville Family Fund | Newell Foundation Fund | Newman Family Fund | Novetsky Ateret Zekenim Bnei Banim Fund | NOW Israel Fund for Sderot and Otef Azza | Oma Bep Zion, Oma Rachel Sachs and Oma Marcelle Zion Fund | Ozick Family Fund | Pamela
Herbst Fund | Patricia Goldberg Memorial Fund | Paul & Sandra Wolff Memorial Fund | Paulette & Rudolph Haviv Perach Memorial Fund | Pauline & Abraham Wilner Memorial Fund | PEF Business Loans Fund | Peter and Naomi Neustadter Fund | Peter L. Singer Fund | Phyllis Shaw Memorial Fund | Pinchas Cohen Memorial Fund | Pinchas Hai Elbag Memorial Fund | Pincus Paul Charitable Trust Fund | Price Family Fund | Quentin Nisse & David Zinkin Fund | Rabbi Esther Adler and Dr. Robert Lebowitz Fund | Rabbi William Zev & Eda Bess Novick Memorial Fund | Rachel Rosner Rosenberg Memorial Fund | Ralph Goldman & Arnie Pins Fund | Rav Asher Dov & Miriam Kahn Memorial Fund | Rav Avraham & Simha Choukroun Fund | Rivka & Eliezer Jaffe Loan Fund | Rivka & Lloyd P. Gartner Fund | Rivka Yankanofsky Memorial Fund | Robert (Reuven) Atkin Memorial Fund | Robert R. Frankel & Simon, Ruth & Sheldon Bass Memorial Fund | Rose Garfin Z''L Fund | Rose Levin Memorial Fund | Rosenthal Fund | Rosman Fund | Rubinstein, Koschitzky and Gitler Gush Katif Fund | Ruderman Family Foundation Loan Fund for Entrepreneurs with Disabilities | Ruth and Seymour Rowen Loan Fund | Ruth Bat Natan & Moshe Velvel Ben Shmuel Memorial Fund | Ruth Goldberg Memorial Fund | Ruth Maron Memorial Fund | Ruth Rand Fund | Ryan Abraham Khaldar Memorial Fund | Saba Chaim Nachman Shitzkovski Memorial Fund | Samuel Cohen Solal Foundation Fund | Samuel Rosenberg Memorial Loan Fund | Samuel Sebba Charitable Trust Fund | Sarah & Moshe Feldman Memorial Fund | Sarah Sa’ar Memorial Fund | Schusterman Foundation – Israel Fund | Scott Jeffery Friedman Memorial Fund | Searle & Cynthia Selmon Fund | Shaarei Rachel | Shani & Salvo Bachar Fund | Sheva Shayndell (Sondra) Schwartz Fund | Shimoff (Israel) Family Fund | Shirley Kline Chai Fund | Shoresh Charitable Trust Loan Fund | Shoshana S. Cardin Fund | Sidney & Elizabeth Corob Fund | Sidney Zelig Harris Fund | Siegel/Ringler Family Fund | Simon Colin Business Fund | Smile Fund in Memory of Bill and Edith Mantinband | Sobell Foundation Fund | Sol Pomerantz Memorial Fund | Sophie & Isaac Ben Laish Fund | Soref Foundation Fund | Strassfeld Soul Support Foundation Fund | Suzanne & Michael Hochstein Family Fund | Sybil & Gerald and Percy Kramer Fund | Talmi Shafer Memorial Fund | Tay Family Fund | Tchiya and Yakov Rand & Hannah and Eliyahu Bornstein Memorial Fund | Temple Israel - Great Neck, NY Fund | The David Fund | The Lifeline Fund | The Miriam Zak (née Eisenberg) Jerusalem Memorial Fund | Tikun Olam Program Fund | Tikvah Fund | Tikvat Israel Synagogue Fund | Tovah B. and William C. Rosenfeld Memorial Fund |
Our Supporters
A N N U A L R E P O R T
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Tugendhaft – Taube Memorial Fund | Tzedakah Fund | Tzvi Harold Gorin Memorial Fund | Victoria & Rahamim Natan Fund | W Family Fund | Weiner Family Fund | William Fern Philanthropic Fund | Winter Family Fund | Wurzbourg Family Memorial Fund | Yaakov Halperne Memorial Fund | Yad Yehiel Fund | Yagel Yacov Yismach Yisrael Fund in Memory of Rabbi Dr. Israel Tabak z”l and Dr. Yacov Tabak z”l | Yehuda Nattan Yudkowsky Memorial Fund | Young Philanthropist Committee Fund | Zella & Jack Butler Loan Fund | Zvi & Yehudit Eshet Z''L Fund
O GEN LEADERSHIP Free Loan Board
Ofir Ozeri Adv., Chairman, Ogen
Joel Baris, Adv., Private Attorney and Consultant; Former Chief Counsel, Israel Ministry of Finance
Peggy Brill, Consultant to Foundations and Non-Profit Organizations
Edward Cohen, Former Ogen Chairman; Investor; Philanthropist
Yair Cohen, CEO, Avney Derech Construction and Development
Yona Cohen, Founding Executive Director, Ogen
Samuel Cohen-Solal, Managing Director, Sweetwood Capital
Ohad Eini, Vice-Chair, Ogen; Chief Government Appraiser at the Land Appraisal Department, Ministry of Justice
Dr. Zvi Feine, Former Deputy Director, JDC Israel; Former Director, JDC Asia and Africa
Uri Jaffe, Director of the Volunteer and Non-Profit Organizations Division, Department of Social Welfare, Municipality of Tel Aviv
Chaim Neuman, Former Treasurer, Tefachot Mortgage Bank
David Ram, Partner, Goldrock Capital
Yishai Tachover, East Jerusalem Regional Director, Gichon Water Company
Social Loan Fund Board
Ofir Ozeri Adv., Chairman, Ogen
Linda Benshoshan, Former Deputy CEO and Director, Israel Discount Bank; Partner, Forma Real Estate Fund
Yair Cohen, CEO, Avney Derech Construction and Development
Aviad Friedman, Chairman, Israeli Association of Community Centers; Investor, Entrepreneur and Former Senior Government Advisor
Boaz Raam, Co-Founder, General Mills (Israel); Entrepreneur, Impact Investor & Philanthropist
David Ram, Partner, Goldrock Capital
Daniel Recanati, Founder & CEO, Rhodium; Philanthropist
Tal Shlasky, Former Senior Vice President, Digital, Bank Hapoalim; Expert on Banking Technology, Systems and Innovation
Dalia Tal, Partner, Meitar Liquornik Geva Leshem Tal; Former Legal Advisor to Board of Directors, Bank Leumi; Expert on Banking Law
Senior Management
Sagi Balasha, CEO
Simon Cadranel, Chief Lending Officer
David Angel, Director of Strategic Partnerships
Carmella Nissim Adv., Director of Legal Department
Nir Machluf, Director of Finance and Human Resource Development
David Bango, Director of Ogen La'Bayit
Svetlana Mishin, Manager, Personal Loans Department
Meira Schwartz, Manager, Business Loans Department
Moshe Daniel, Director of Non-Profit Lending
Dr. Dan Herman, Director of Marketing
Leadership
For Israeli tax deductible donations:Credit card donation:Visit www.ogen.org/enChecks should be mailed to:Ogen - Free Loan FundPOB 10424Jerusalem Amuta 58-0173557
For US tax deductible donations:Credit card donation:Visit www.ogen.org/enChecks should be mailed to:American Friends of the Israel Free Loan Associationc/o Ari Jaffe2330 Milton RoadUniversity Heights, Ohio 44118 IRS tax exemption number: 13-3691494
For UK tax deductible donations:Checks should be mailed to:British Friends of Ogenc/o Kenneth Keller25 Lodge Avenue, BorehamwoodElstree Herts WD6 3NA, EnglandCharity Commission: 1009568
For Canadian tax deductible donations:Checks should be mailed to:Canadian Friends of Ogen570 Bay St.Unit 2202Toronto, ONM5G 0B2Charity: 1036714-09
For bank transfer details or questions, please contact Ogen's development department:From Israel: 02-530-0787From the US: [email protected] www.ogen.org | Rivka 29, POB 10424, Jerusalem, Israel
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