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Jerusalem Life

| Interest-free lender gets regulator's okay to expand activities

Janglo News    
Sunday, 29 September 11:21 AM

Ogen, an Israeli nonprofit organization that provides interest-free credit to new immigrants and marginalized segments of society, has attained a license from the Israeli capital markets regulator to start providing low-interest loans to small businesses, first time home-buyers and NGOs.

The permit from the Capital Markets Authority is a step toward the organization becoming the nation’s first not-for-profit social bank, once the lender gets a further nod from the Bank of Israel. The newly set up Ogen — Social Loan Fund is a public benefit company wholly owned by its parent charity, Ogen – Free Loan Fund.

Full Story (The Times of Israel)
         
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