Valley National Bank Small Business Loan Fund

The Hebrew Free Loan Society (HFLS) fosters financial stability and opportunity by providing access to safe and affordable credit in the form of interest-free loans. HFLS loans enable borrowers to attend college, improve their job skills, start a business, or respond to unexpected financial challenges. HFLS is a non-sectarian lender, serving the five boroughs of New York City, Long Island, and Westchester since 1892; the organization celebrated its 130th anniversary in 2022. In 2020, in response to COVID and in support of small businesses, and the need for access to safe and affordable capital, the Valley National Bank Small Business Loan Fund (formerly Bank Leumi USA) was established in partnership with HFLS, to help create a larger, lasting impact in our communities and to help alleviate financial distress. The Small Business Loan Fund provides interest-free loans of up to $50,000 to low- and moderate-income residents of New York City's five boroughs, Westchester, or Long Island to help launch or expand a business. Valley Bank has further grown the partnership with HFLS, such as providing an additional capital contribution and expanding the program to other departments in the Bank, such as with the Community Lending team, to develop a referral program. Since the Fund's launch in 2020, more than $1.44 million has been lent to 51 small businesses that are primarily minority- and women-owned. The Fund provides continual support, as loan repayments are recycled back into the Fund, supporting additional small business owners and future entrepreneurs in communities where access to credit has traditionally been limited.These resources have assisted HFLS in reaching small businesses and entrepreneurs that have traditionally been denied access to credit.