This page describes our business loan program, the R & B Business Loan Fund at Congregation Beth Or. We also offer personal loans.
Business loans are available to assist in the establishment of a new business, in the expansion of an existing business or with guidance and support for a struggling business.
How much money can I borrow?
We offer business loans up to $15,000.
How much will it cost me?
Nothing. Our loans are interest-free and have no processing fee.
When do I have to pay?
Business loans must be repaid within three years.
Who can get a loan?
To qualify for a business loan from the Hebrew Free Loan Society, you must:
You also need two co-signers, who promise to repay your loan if you are unable to do so. Co-signers must meet all of the following criteria:
Live in Bucks, Chester, Delaware, Montgomery or Philadelphia county in Pennsylvania, or Burlington, Camden, Gloucester or Mercer county in New Jersey;
Be starting a new business or changing the direction of an existing business.
Provide a business plan and a personal and business resume. (We have a template for a business plan, if you are unsure how to do create one.)
Meet with our Business Loan Committee.
If you are married, your spouse must sign the Note, agreeing to repay the loan. Your spouse cannot be a co-signer for your loan, and you cannot borrow from us if your spouse currently has a loan.
Live in Pennsylvania or New Jersey;
Have good credit;
How do I apply?
Click here to start the application process or call 267-709-9652 and leave a message. Be sure to include your address and phone number.