New Grants Will Aid Ashkelon Businesses
With 12,000 small businesses in Ashkelon, the long-term economic impact of the Israel-Hamas war is looming. Businesses are struggling as tourists are no longer in town and residents have been relocated from their homes. A response in past wars has been the establishment of a small business loan initiative to help these businesses weather this difficult period.
At this time, The Associated will partner with the Jewish Agency for Israel (JAFI) to launch a $1 million emergency initiative to activate small business loans in the wake of Operation Swords of Iron. Thanks to the support of JAFI and The Associated, this initiative will secure the loans in the event of default and encourage banks to make loans that otherwise would not be viable. This will give these businesses, vital to our partner city’s economy, a much-needed lifeline.
By guaranteeing the loans, JAFI also ensures that borrowers obtain excellent interest rates that are significantly more attractive than bank alternatives. As part of this initiative, MIDC will help coach small businesses in Ashkelon.