06/29/2010
Steve Lipman
The Hebrew Free Loan Society, which was formed in 1892 to assist indigent Jewish immigrants here, marked a milestone recently — it has provided more than $220 million in interest-free loans, on a nonsectarian basis, to more than 865,000 borrowers. In the last fiscal year, the total was almost $11.5 million, to over 1,430 borrowers. The default rate, even during the current recession, remains below 1 percent. Executive Director Shana Novick, a former Park Avenue attorney and resident counsel at the Ford Foundation who joined HFLS in 1995, talks about the Society’s work.