Gift to free-loan program will aid families in need
BEN LEATHERMAN
Editorial Intern
A recent gift from the estate of a New York philanthropist has helped the Phoenix Jewish Free Loan Association create a "precedent-setting" way to help families who suddenly find themselves in a pinch.
Association officials said the George Ritzer Family Emergency Loan Fund was created earlier this month, thanks in part to a "large" grant presented to the Valley social service agency by the estate of George Ritzer, a longtime New York clothing manufacturer who contributed significantly during his life to Jewish free-loan organizations.
Mort Greenberg, vice president of the Valley agency, said the new funding is available to members of the Valley's Jewish community who are in need of an immediate, interest-free loan, due to occurrences such as unexpected illness, accident, death of a family's primary provider or other sudden crises.
"There are people who have sudden housing problems - like a roof goes or a furnace goes - and people who don't have enough savings to be able to pay those kind of bills off quickly," Greenberg said.
He said the creation of the Ritzer fund is considered a "precedent-setting" event for the institution because it is the type of specialized loan the association wants to create in the coming years to assist those with specific family-oriented needs, such as Jewish couples who want to adopt children.
Ritzer was a supporter of the free loan process and spent the last years of his life donating his considerable assets to members of his extended family and to charity. Greenberg said representatives from the Ritzer estate contacted him last month and began "informal talks" with agency officials.
While he would not disclose the total amount of the gift, Greenberg said the Ritzer estate will continue to add to the fund periodically.
He said candidates with justfiable needs, a "reasonably decent" credit rating and a plan for the money that "makes sense" can come to the association's offices at 400 W. Camelback Road, Suite 114, in Phoenix, where interviews are done on Sundays from 10 a.m. until noon. Emergency meetings can be scheduled if needed. The agency's phone number is 230-7983.
After the simple application process, in which applicants describe their crisis and financial status, candidates are interviewed by some of the association's members, who then determine how much money is needed and make a recommendation to the agency's board of directors. The maximum loan is $5,000, but Greenberg said exceptions can be made.
While the repayment plans vary, the average return time is approximately two-and-a-half years.
The Free Loan Association has been operating in the Valley since the 1940s, and has given thousands of interest-free loans during its 50 years of existence for a variety of purposes, from covering unforseen medical bills to helping to start up a small business. The association also occasionally makes small gifts of $100 or $200 to people with "critical" needs, Greenberg said.
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