Resilient resurgence: Israelis navigate war with financial support from Ogen’s Fund
Resilient resurgence: Israelis navigate war with financial support from Ogen's Fund The Jerusalem Post
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Israel’s Current Conflict and the Need for Monetary Assistance
Israel is currently engaged in a war with Hamas and facing an intensifying conflict with Iran and its proxies. This situation has resulted in a dire need for monetary assistance among families, businesses, and nonprofits. The mobilization of 360,000 army reservists and the evacuation of 250,000 Israelis from their homes have significantly impacted the daily lives and livelihoods of the Israeli people. The prolonged and multifront conflict, along with the increasing risk of further escalation, has created an urgent need for support.
Ogen’s Swords of Iron Emergency Relief Fund
To help Israel’s economy and people, Ogen, a leading nonprofit social lending enterprise, has expanded its Swords of Iron Emergency Relief Fund. The fund aims to provide low-interest loans to those affected by the current conflict. With a fundraising target of $100 million, Ogen has already raised $55 million, including a $30 million fund specifically for small business owners who are IDF reservists.
- Ogen’s fundraising target: $100 million
- Total funds raised: $55 million
- $30 million fund for small business owners who are IDF reservists
Despite these efforts, there is still a significant demand for aid, with $109.2 million in loan requests. Ogen is determined to raise more funds to make a difference and help over 250,000 Israelis directly and indirectly.
Challenges Faced by Ogen’s Emergency Relief Fund
The creation and implementation of Ogen’s emergency relief fund faced several challenges. The first challenge was to focus philanthropic partners and new partners on the financial resilience aspect of the fund. This required time and effort to ensure that the fund’s objectives were understood and supported.
The second challenge was preparing Ogen’s infrastructure to meet the high demand for help. The fund experienced a “tsunami of demand,” and the organization had to build up its capacity to handle the influx of loan applications.
The third challenge was ensuring the effective deployment of capital to target audiences. The emergency relief fund serves families or individuals, nonprofits, and small businesses. Ogen provided financial advisors and created three lending tracks for families, offering different loan amounts based on specific needs.
- Track 1: Up to $15,000 for property damage
- Track 2: Up to $10,000 for loss of income or caregiving responsibilities
- Track 3: Loans for evacuees, regardless of economic impact
Impact of Ogen’s Emergency Relief Fund
Reut, a single mother from Netivot in southern Israel, received assistance from Ogen after her life became uncertain due to the October 7 tragedy. The loan from Ogen’s emergency relief fund helped her manage ongoing expenses and provided stability during a challenging time. She has now found a new job and is grateful for the support she received.
Livney’s, a family business that makes homemade spreads, also received financial assistance from Ogen’s emergency relief fund. The loan helped them stay afloat during a period of reduced demand for their products. With the support of Ogen, they were able to continue operating and have since moved their business forward.
The Role of Ogen’s Emergency Relief Fund
Ogen’s emergency relief fund is supported by a community of donors, including the Jewish Federations of North America and the Jewish Agency for Israel. The fund provides interest-free loans to very small nonprofits or micro-businesses, as well as larger loans with subsidized interest rates for larger businesses or nonprofits. Additionally, the fund offers mentorship programs to businesses through teams of volunteers.
Despite the challenges faced by Ogen’s emergency relief fund, it has made a significant impact on the lives of many Israelis affected by the conflict. However, the needs are growing, and continued support is crucial. Ogen believes that it will take years to rebuild the small business community and emphasizes the importance of government support to make their job and that of other social lenders easier.
Israeli Society’s Resilience
Despite the catastrophic events of October 7, Israeli society has remained strong and resilient. Reut, a loan recipient, exemplifies this strength by encouraging families not to give up and to seek assistance and guidance when needed. She emphasizes the importance of remaining optimistic and joyful in the face of adversity.
SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 1: No Poverty
- SDG 8: Decent Work and Economic Growth
- SDG 10: Reduced Inequalities
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 1.5: By 2030, build the resilience of the poor and those in vulnerable situations and reduce their exposure and vulnerability to climate-related extreme events and other economic, social, and environmental shocks and disasters.
- SDG 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation, and encourage the formalization and growth of micro-, small-, and medium-sized enterprises.
- SDG 10.2: By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion, or economic or other status.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Number of low-interest loans provided to those affected by the conflict (indicator for SDG 1.5)
- Amount of funds raised for small business owners who are IDF reservists (indicator for SDG 8.3)
- Percentage of loan applications rejected (indicator for SDG 10.2)
4. Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 1: No Poverty | 1.5: By 2030, build the resilience of the poor and those in vulnerable situations and reduce their exposure and vulnerability to climate-related extreme events and other economic, social, and environmental shocks and disasters. | Number of low-interest loans provided to those affected by the conflict |
| SDG 8: Decent Work and Economic Growth | 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation, and encourage the formalization and growth of micro-, small-, and medium-sized enterprises. | Amount of funds raised for small business owners who are IDF reservists |
| SDG 10: Reduced Inequalities | 10.2: By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion, or economic or other status. | Percentage of loan applications rejected |
Explanation:
The article discusses the current conflict in Israel and its impact on families, businesses, and nonprofits. The issues highlighted in the article are connected to several SDGs. SDG 1 (No Poverty) is addressed as families and individuals affected by the conflict are in dire need of monetary assistance. SDG 8 (Decent Work and Economic Growth) is relevant as the article discusses the impact on businesses and the need for economic support. SDG 10 (Reduced Inequalities) is connected as the article mentions the importance of providing assistance to all, irrespective of their economic or other status.
Based on the content of the article, specific targets can be identified. Under SDG 1, the target is to build the resilience of the poor and vulnerable and reduce their exposure to shocks and disasters. Under SDG 8, the target is to promote policies that support job creation and entrepreneurship. Under SDG 10, the target is to promote social and economic inclusion.
The article mentions indicators that can be used to measure progress towards these targets. The number of low-interest loans provided to those affected by the conflict can be used as an indicator for SDG 1.5. The amount of funds raised for small business owners who are IDF reservists can be used as an indicator for SDG 8.3. The percentage of loan applications rejected can be used as an indicator for SDG 10.2.
In summary, the article addresses SDGs 1, 8, and 10. The specific targets identified are SDG 1.5, SDG 8.3, and SDG 10.2. The indicators mentioned in the article that can be used to measure progress towards these targets are the number of low-interest loans provided, the amount of funds raised, and the percentage of loan applications rejected.
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Source: jpost.com
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