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3. Multi-Year Commitment: Economic Development and Loan Funds Unit

Whereas:         The Jewish Agency for Israel (‘JAFI’) operates 8 loan funds in the Negev, Galilee and Jerusalem, including a nationwide fund which helps entrepreneurs from target populations such as new immigrants and women. The funds help to establish and expand small to medium businesses and provide loans of up to NIS 350,000 (approximately US$100,000), subject to the conditions of each fund. Since the initiation of the Loan Funds operation to date, over 800 small businesses that contribute to economic growth and community development have received some $20 million including  leveraged funding; and

Whereas:         Since the initiation of the Loan Funds operation, JAFI’s funding of the Economic Development and Loan Funds Unit has been funded solely from the unrestricted budget; and

Whereas:         The Federations that have donated funds for the Loan Funds in the past, have agreed to participate in the budget of the Economic Development and Loan Funds Unit in the amount of $250,000 per annum from 2012 through 2014, subject to JAFI’s multi-year commitment of US$150,000 per annum for the period of 2012-2014 for the continued operation of the Economic Development and Loan Funds Unit;

 

Therefore be it resolved that:

1.         Due to the Federations' commitment to participate in the continued operation of the Economic Development and Loan Funds Unit in the amount of $250,000 per annum until the end of 2014, a multi-year commitment of JAFI of US$150,000 per annum for the period of 2012-2014 for the continued operation of the Economic Development and Loan Funds Unit is approved. Implementation of this approval shall be contingent on fulfillment of the abovementioned commitment of the Federations.

2.         The Finance Department is authorized to incur, on a multi-year basis, financial obligations for implementation of the undertakings of JAFI as described hereinabove.


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