Credit provider

Ogen receives extended credit provider license

Small businesses, first-time buyers and nonprofits will soon be able to access low-interest fixed loans from Ogen – Social Loan Fund, which is currently emerging as the first social bank for profit. nonprofit from Israel, according to a press release Ogen released on Wednesday. Ogen, a public utility company 100% owned by its parent charity Ogen – Free Loan Fund and part of the Ogen group, is the first of 2,500 organizations to receive an extended market credit provider license capital from the Ministry of Finance. Authority. Since its founding in 1990, the nonprofit has lent NIS 1.2 billion in interest-free loans to 62,500 households and small businesses nationwide. accessible and affordable credit for the disadvantaged, as well as for small businesses and non-profit organizations. At the time of writing, the group’s capital base stands at nearly NIS 300 million, which the establishment of the social loan fund is expected to increase significantly. CEO of the Ogen group. “I am pleased that Ogen is the first to receive the extended license in its new format, which required the submission of numerous documents, meticulous planning and a methodical business strategy.” change the loans, ”said Ogen Group Chairman Ofir Ozeri. “This reflects our commitment to making a positive change in people’s lives and for Israeli society in general. The only profit that drives us is the positive impact we can have. Social gain.” Small business loans through Ogen go up to 200,000 NIS with a fixed interest rate of 5% guaranteed by a guarantor and require a professional business plan. For families buying their first home, loans are available up to NIS 100,000 with a fixed interest of 5%. For nonprofits, Ogen offers low interest bridging loans to help organizations awaiting government funding.

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