Israel-Hamas war 2023 – people killed in a party – screenshot from CNN
Ogen, a social lending enterprise offering credit solutions and financial guidance for low- and middle-income Israelis, expanded its impact goals for the Swords of Iron Emergency Relief Fund, which provides individuals, non-profit organizations, and small businesses suffering since the October 7 Hamas massacre with zero and low-interest loans. Having so far raised $55 million for the fund, a new fundraising target of $100 million will help expand Ogen’s reach to impact over a quarter of a million individuals.
The fund, launched in the wake of the unprecedented and brutal attack on Israel by Hamas terrorists on October 7, has already made significant strides, providing critical loans totaling $21 million to date, with over half directed to Israel’s social periphery. Among the vulnerable populations being supported, farmers and reserve soldiers have received targeted assistance, ensuring their ongoing resilience and vital contributions to Israeli society.
However, with a staggering $109.2 million in loan requests, it’s evident that the need for aid far outstrips current resources. Small businesses have sought $75.1 million, families $14.9 million, and non-profits $4.1 million, highlighting the widespread impact of the conflict on diverse sectors of society. Recognizing the escalating need, Ogen is now announcing its new fundraising goal in order to further strengthen its capacity to assist families, businesses, and non-profits. The loans provided by the funds are expected to help over 250,000 Israelis directly and indirectly.
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Sagi Balasha, CEO of Ogen, said, “The heart of Ogen’s Emergency Relief Fund lies in its transformative impact on individuals, non-profits, and small businesses at the forefront of this crisis. The $55 million raised so far has already made a tangible difference, providing a lifeline to those facing unimaginable challenges. Yet, with the escalating demand, it is clear that more must be done. Our new goal of $100 million is a call to action for everyone who believes in the power of compassion and solidarity. Together, we can extend our reach, offering vital support to countless individuals, sustaining non-profits, and revitalizing small businesses.”
