2022 Impact – SparkIL | The Jewish Agency - U.S.

SPARKIL

Connecting global social lenders with entrepreneurial borrowers from underserved populations in Israel through a new peer-to-peer lending platform

SPARKIL

Connecting global social lenders with entrepreneurial borrowers from underserved populations in Israel through a new peer-to-peer lending platform

In June 2022, in partnership with The Ogen Group, The Jewish Agency launched SparkIL, a first-of-its-kind initiative that enables individuals to support the small business of their choice in Israel, while strengthening meaningful connections and relationships between the lenders and Israel.

By the end of 2022, SparkIL had facilitated 35 loans to small businesses with support from ~150 global lenders. 

For Merissa, a lender from Stamford, Connecticut, being able to choose the specific Israeli business she loaned money to was the hook she needed to get involved. She loaned money to Maria, a lawyer and certified engineer who made Aliyah in 2019 from Russia, who was looking to expand her after-school STEM program exposing kids to robotics through Legos.

 

Sarah, a SparkIL borrower in Israel, sitting at a laptop

A SparkIL borrower | Photo provided by SparkIL

“I’m making a loan because SparkIL really gives me the freedom to support a person or cause that I really connect with or believe in,” Merissa said.

 

“With help from SparkIL lenders, the next generation will explore the world of engineering and STEM in a fun way, which could set them on a path they would never have found otherwise,” explained Maria.

 

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Through participating SparkIL lenders and other philanthropic funds, $500,000 was lent to entrepreneurs in Israel in 2022.

David showing visitors his incredible mushrooms

David (second from right) shows off his incredible mushrooms to visitors | Photo provided by David

 

Another borrower, David from Ashkelon, grows incredible mushrooms, long fascinated by the tastes, textures, and health benefits different mushrooms offer. To scale up his business, he feels fortunate to have discovered SparkIL.

 

“Getting a loan through SparkIL’s peer-funding initiative makes me believe in true kindness,” said David, who is using his crowdfunded capital to expand his inventory, buy more equipment and reinforce his operations. “I’m a dreamer and am building FUNGGIZ, a business I believe in, but my business would have been left far behind without the loan.”

 

Amira Ahronoviz, CEO and Director General at The Jewish Agency, Na’ama Ore, CEO of SparkIL and Sagi Balasha, CEO of The Ogen Group (from left to right) mark the launch of SparkIL

From left to right: Amira Ahronoviz, CEO and Director General at The Jewish Agency; Na’ama Ore, CEO of SparkIL; and Sagi Balasha, CEO of The Ogen Group, mark the launch of SparkIL | Photo: SparkIL

 

Through SparkIL’s peer-to-peer lending platform, users can engage in crowdfunding interest-free loans which will help make a real, measurable and continuing impact on entrepreneurs from underserved populations in Israel.

 

“SparkIL is a win-win proposition, poised to contribute toward the goal of securing a vibrant Jewish future for generations to come,” said Amira Ahronoviz, CEO/Director General at The Jewish Agency and the Chair of the Board of SparkIL.

 

“SparkIL presents a unique opportunity to engage world Jewry with the ability to make a direct impact on Israeli society at the ground level,” added SparkIL CEO Na’ama Ore.

 

An introduction to SparkIL:

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