Hebrew Free Loan Association Offers Interest-Free Loans he Hebrew Free Loan Association of Cleveland (HFLA) was founded in September, 1904, with $501, beginning what is now a 110-year old history of making interest-free loans to people in need in Northeast Ohio, regardless of religion. With more than $8.5 million lent and recycled in Northeast Ohio, HFLA has improved the lives of many in our broad community. Here are just some of the loans it has made this past year. Small Businesses – HFLA has helped several entrepreneurs launch new businesses, including Chutney Rolls, Storehouse Teas, and Big J’s International Sandwich Shoppe. Not only are these business owners fulfilling their dreams, but they are also supporting a wide range of employees and suppliers. T Saved from Predatory Lenders – This year has brought HFLA many people who have been ensnared into predatory loans. A senior citizen, who was generously helping others through offering financial assistance, fell on hard times, and took out several loans from a local predatory lender. Before she knew it, she was on a two-year payment schedule on these loans, one of which had the outrageous APR of 270%! HFLA was able to assist her by paying off her loans, and she now is able to meet her monthly obligations, as well as paying back her interest-free loan. With the support and collab- oration of the Business for Good Foundation and Empowering and Strengthening Ohio’s People (ESOP), HFLA recently launched a program that is targeted at helping seniors on fixed incomes get out of high-interest loans. A key component to this program is the financial literacy education HFLA provides to help them avoid similar situations in the future. Education – HFLA continues to expand its educational loans program, providing the extra assistance needed for students to earn undergraduate degrees, graduate degrees, and learn trades and acquire desired skills for employment at technical and vocational schools. This past year, HFLA helped a single mom return to finish her education and we helped a young man pay to go through the police academy. Opportunities are also available to honor the memory of a dear friend or loved one while preserving their legacy. Please join HFLA to celebrate and help continue its mission, Saturday, November 15, at Temple Emanu El, from 6:30 to 10 p.m. Additional information can be found at www.hflaclev.org or by calling 216.378.9042. Please join HFLA to celebrate and help continue its mission, Saturday, November 15, at Temple Emanu El, from 6:30 to 10 p.m. November 2014 n Beachwood Buzz 15