Grants
Founded in 1990 as the Israel Free Loan Association, Ogen was initially established to support Russian and Ethiopian mass immigration to Israel. Over the past three decades, Ogen has grown into a leading social-finance nonprofit, providing interest-free loans to over 83,000 borrowers and disbursing over $640 million to help individuals and families pursue education, homeownership, and financial stability. In Israel, hundreds of thousands of individuals, families, nonprofits and small businesses are excluded from fair, affordable financial services – a problem that has been exacerbated by the ongoing conflict.
In support of its commitment to building a more just and compassionate world, the Mandel Foundation allocated $5 million to Ogen to support the launch of Israel’s first Community Development Financial Institution (CDFI), which will function like a community credit union. The pilot phase of the CDFI is expected to cost $30 million over a two-year period, during which Ogen and its financial partners will validate demand, build trust among customers, and develop an innovative financial services portfolio. At the end of the pilot phase, Ogen projects serving over 10,000 families and nonprofits with a $90 million loan portfolio.
