Koret Israel Economic Development Funds

Koret Israel Economic Development Funds
Program Name: 
Microfinance for Low Income Jewish Women
Grant Year: 
2013
Grant Type: 
Israel
Grant Amount: 
$100,000
Interest Area: 
Economic Development
Grant Purpose: 

Microfinance for Low Income Jewish Women supports approximately 135 low-income Charedi women and immigrants from Ethiopia and the Former Soviet Union in developing microenterprises, including pre-loan and post-loan business development training.

Description: 

Founded in 1994, Koret Israel Economic Development Funds (KIEDF) was established to stimulate economic development and employment opportunities in the private sector in Israel.  It uses its assets as guarantees to provide a portion of the securities needed to facilitate bank loans to small- and medium-sized businesses unable to obtain credit directly from the bank.  Since its inception, KIEDF has facilitated over $305 million of new financing to more than 12,000 new and expanding businesses.  In 2006, KIEDF launched its microfinance initiative to help low income and unemployed populations create an independent income generating activity, also known as a microenterprise.  Through this initiative, KIEDF has distributed more than 4,500 loans totaling $12.5 million and supported over 5,500 entrepreneurs in the creation and development of more than 4,000 microenterprises.