*Volunteer Now* Help Low-Income New Yorkers Get Interest-Free Loans from an Innovative Nonprofit

To assist with its growth and enable it to help more low-income New Yorkers attain economic stability and self-sufficiency, the Hebrew Free Loan Society (HFLS) needs your help in analyzing the context within which HFLS’s lending takes place, the scale and nature of the need they might seek to meet as they grow, and the competitive environment they face.

Sign Up by December 21st | Project Inquiries HFLS

The Hebrew Free Loan Society (HFLS) fosters economic self-sufficiency and stability among low- and moderate-income New Yorkers through interest-free lending. With a focus on identifying and meeting need within the Jewish community, HFLS loans are available to all New Yorkers, regardless of religious affiliation.

With a portfolio of nearly $13 million in loans averaging $10,000, HFLS plays a modest but important role in New York City’s dynamic micro-finance sector: they are the only nonprofit lender committed to making loans available to borrowers without any interest or fees.

Project: Market and Competitive Analysis

Under new professional leadership, HFLS has grown significantly in the past two years, adding million of dollars in new lending and reaching hundreds more borrowers. As it grows, HFLS seeks to better understand the nature and scale of the need for affordable small-dollar credit among lower-income borrowers within its geographic mandate (NYC, Long Island, and Westchester County).

Specifically, they seek answers to the following questions:

  • How many people are there in their 8-county market who have enough income to afford to repay a loan but not enough income to afford or access commercial credit?
  • In which neighborhoods are these potential HFLS borrowers clustered?
  • Who else is serving or is moving to serve the credit needs of this population? Under what terms, in which locations, and at what scale?

The Community Partners project team will prepare a report on the context within which HFLS’s lending takes place, the scale and nature of the need they might seek to meet as they grow, and the competitive environment they face, and make strategic and marketing recommendations based on these findings.

Details:

  • Interested HBS alumni should sign up by December 21st at https://www.surveymonkey.com/r/M8PXXKZ.
  • Kick-off meeting to be scheduled for mid-January.
  • Time commitment approximately 10-15 hours per month for 3-4 months.
  • Questions? Contact Project Coordinator Lisa Goldman Forgang, MBA 1995, lisaforgang@gmail.com