HEBREW FREE LOAN SOCIETY

*  675 Third Ave at 42nd Street, Suite 1905 * New York, NY 10017 *  (Office) 212-687-0188 * (Fax) 212-682-1120

 

MICROENTERPRISE LOAN PROGRAM

 

The Hebrew Free Loan Society offers $25,000 loans to immigrants from the Former Soviet Union and Iran, residing in the five boroughs of New York City, Westchester, Nassau and/or Suffolk Counties, who are starting their own businesses, and are enrolled in our special Training/Loan/Mentorship Program.

 

v    PROMISSORY NOTE INFORMATION  v

 

The promissory note is the legal document stating the agreement between you as the applicant and the Hebrew Free Loan Society.  It describes the conditions of the agreement.

 

You (and your spouse if you are married) must sign the promissory note before receiving a check.

 

v    CO-SIGNER INFORMATION  v

 

Two co-signers are required for all loans. If a co-signer is married, his or her spouse must also sign the promissory note.  A married co-signer and his or her spouse are together considered one co-signer. 

 

Each co-signer is “jointly” and “severally” liable for the loan in the event you are unable to pay for any reason.  While the Society would expect each co-signer to share equally in the responsibility of repaying the loan, each is liable legally for the full amount, and any one co-signer could be called upon to repay the balance due. (Please note that a co-signer cannot be a borrower while there is an outstanding balance on the loan guaranteed.)

 

WHO MAY CO-SIGN  

 

Co-signers must be employed persons living, working, and banking in the five boroughs, Westchester, or Long Island. The family income of each co-signer (i.e., the aggregate income of the co-signer and his or her spouse, if any) should be at least $60,000 a year.  The Society prefers persons who have worked a minimum of one year in their present position.  Co-signers must also have a checking account and have good credit.  Previous Hebrew Free Loan Society loan recipients may co-sign only if they have repaid their loan in full and on time.

 

WHO MAY NOT CO-SIGN 

 

F   Persons living in the same household as the borrower may not co-sign.

F   Persons who currently have a loan with the Society may not co-sign.

F   Persons who are co-signers on existing loans may not co-sign.

 
 

CO-SIGNER INFORMATION PORTION OF APPLICATION FORM

In addition to signing the promissory note, each co-signer must complete and sign the “Co-Signer Information” portion of the Loan Application form.  The Society understands that all information it receives is strictly confidential.  The Society reserves the right to call co-signers to verify the information. 

 

v THE LOAN APPLICATION PROCESS  v                            

Please call our office to set up an in-person interview once you have located appropriate co-signers.

Bring the loan application form along with all additional required documentation with you to your interview, with the “Borrower Information” portion already signed by your spouse, if you are married, and the “Co-signer Information” portion filled out and signed by your co-signers and their spouses, if they are married. Failure to bring the completed application signed by the people described above, to the interview will delay the processing of your application.

 

The Society’s Loan Committee reviews and decides on loan applications weekly. You will receive a letter advising you whether your loan has been approved. If your loan is approved, you may complete the loan aprocess either in person at our Manhattan office, or by mail. You may make your monthly loan payments either by electronic debit of your checking account, or by post-dated checks deposited with us at the time you receive your loan.

The Society’s Loan Committee, in its discretion, may decline to make a loan, make a loan in an amount less than that requested, or require different or more co-signers.

 Please note that only one person in a household can be a borrower at any given time.

 

v REQUIRED DOCUMENTATION  v

Please bring the following with you to your scheduled interview:

1.   Application form, with the “Borrower Information” portion signed by your spouse if you are married, and “Co-signer Information” portion filled out and signed by your co-signers and their spouses, if they are married.

2.   From each co-signer  (and spouse) and from your spouse:

      (i)  a copy (both front and back) of a cancelled personal check;

or  (ii) a check image;

or  (iii) a copy of a current bank statement plus a copy of a government issued photo ID such as a driver’s license or U.S. passport. 

      (A cancelled check is one which was issued, cashed, processed by issuer’s bank, and returned to the  issuer with the bank’s monthly statement.) 

3.   A copy of (i)your I-94 and social security card,

 or  (ii) green card,

or   (iii) naturalization certificate,

 or  (iv) U.S. passport.

4.   Your voided check. ( Blank check with the word “voided” written on it)

5.    A copy of your completed Business Plan and your financial projections.

6.    A copy of your WIBO Traning course completion certificate

 

Please note that you might be required to present copies of additional documents such as your lease agreements,  partnership agreements, business purchase agreements, insurance proof, incorporation seal  proof, etc. prior to your loan closing.