HFLA of Northeast Ohio announced in a news release Sept. 3 that, for the first time, it has more than $1 million lent at one time.
While HFLA of Northeast Ohio has been in existence for 115 years and has loaned millions of dollars, this is the first time it has lent more than $1 million dollars at one time.
“We have been lucky to have many supporters in Northeast Ohio helping us move towards these goals,” said Michal Marcus, executive director of HFLA of Northeast Ohio, in the release. “The Cleveland Foundation has been an amazing partner in helping HFLA reach more people in our community with interest-free loans. They understand that we can do more with more, allowing us to fulfill our mission of addressing the financial challenges of the residents of Northeast Ohio who lack access to traditional lending sources.”
HFLA of Northeast Ohio also said the Cleveland Foundation announced a $175,000 grant to HFLA of Northeast Ohio for capacity building support. According to the release, the grant will help HFLA of Northeast Ohio reach the next level of operational, programmatic, financial, and organizational efficiency.
“This grant could not have come at a better time,” said Marcus in the release.
“HFLA is one of my favorite nonprofit origin stories – it was founded in 1904 by European refugees with $501 in donations with this core belief: if you give people a chance to succeed, they will pay it back and the transformative cycle can continue,” said Nelson Beckford, program director, neighborhood revitalization and engagement for The Cleveland Foundation, in the release.
“HFLA’s focus on helping people to help themselves resonates strongly with the Foundation’s Neighborhood Revitalization strategy. By providing no-interest loans to help Cleveland residents get through personal emergencies, start a business or help with an educational loan, HFLA’s work speaks directly to the lived experience of people in place today in the same way it did 115 years ago.”