What is the Leumi Community Support Fund?
COVID-19 is an unprecedented global pandemic that has changed the world and created new norms. Very quickly, it went from not only a medical pandemic but also a financial one. Many businesses are now experiencing shock they may not recover from. The journey towards recovery is going to be long, and as New York is struggling to reopen, we wanted to extend a helping hand to our community. In 2020, driven by the struggles and stresses we witnessed our communities, neighbors, and partners endure, we were moved to create the Leumi Community Support Fund to help create a larger, lasting impact in our local communities. Funded by a portion of the fees from our participation in the Paycheck Protection Program, as well as the support of our employees, board members, and partners, the Leumi Community Support Fund aims to inject nearly $1 million in our local communities.
The Leumi Small Business Initiative
Our current initiative is focused on supporting the under-served and under-represented small businesses and entrepreneurs who make up the fabric of our local communities. Small business owners face many difficulties, and for some, the journey is even harder due to unequal access to resources and other barriers that disproportionally affect people of color, women, and minorities.
Thanks to our amazing nonprofit partners, we are working to make a difference and help these small business owners and entrepreneurs maximize their potential and reach their financial goals. Together we are creating easier access to the critical financing to keep their businesses running, growing, and serving their local communities.
With initiatives ongoing in New York with Hebrew Free Loan Society and in Florida with the Urban League of Broward County, we are:
• Breaking Down Barriers: Through the programs we are funding at these nonprofits we help overcome the barriers of high interest rates and guarantors, two of the largest obstacles for small businesses looking to access funding.
• Prioritizing the Underserved: Priority given to women and minority businesses in historically underserved communities.
• Doubling the Impact: Every Leumi dollar is matched by another dollar from our nonprofit partners to double the impact.
• Recycling Our Support: Loan principal is recycled back into the program to help more small businesses in need.
• Amplifying Our Efforts: To further support these small businesses, Leumi employees are volunteering to provide mentorship, webinars, and other resources to help these businesses thrive and succeed.
Know a Small Business or Entrepreneur in Need?
If you know anyone struggling or are a small business who would benefit from financial support, we encourage you to learn more about how these programs can help.
For New York