Qualifications to Borrow from the Fund:

The personal or business loan applicant must:

 

1.     Live in Great Neck and be a member or regular attendee of either the Great Neck Synagogue, the               Young Israel of Great Neck or Congregation Shaare Zion of Great Neck

2.    Complete the application found on www.gngesherfund.org.

3.    Provide verifiable personal financial statements and/or business financial statements. 

4.    Have at least two approved co-signers (“Areivim”). 

5.    As part of the application process, receive a letter of recommendation from one of Rabbi Lerner,                   Rabbi Polakoff, Rabbi Ismach, Rabbi Lichter or Rabbi David Bitton.

6.    Agree to be mentored and coached by Gesher Fund volunteers and independent advisors directed             by the Gesher Fund.

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Terms of the Loan

 

Application Process:

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Interest free, 34 equal ACH installments (can be extended on exception basis).  Payments commence four months after disbursement of the loan.

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STEP 1:  Applicant fills out a confidential online application available on the Gesher Fund website. 

 

STEP 2:  Applicant can expect to receive a follow-up call from the Rabbi listed on the application and/or a Gesher Fund volunteer or Gesher Fund staff member within three days.

 

STEP 3:  The Gesher Fund representative and applicant will then review the completed form together. They will discuss the applicant’s needs at a high level to determine if the loan request fits the general guidelines of the Gesher Fund. If the loan request fits the requirements, the applicant will be guided to prepare a very concise “recovery plan,” which will consist of a brief description of the applicant’s financial challenges, and a plan to remediate these challenges with the loan proceeds. In addition, the applicant will provide relevant background information on the Areivim listed in the loan application. 

 

STEP 4:  The recovery plan will become the basis of a presentation given by the applicant at the next Gesher Fund Loan Review Board meeting. These Loan Review meetings will take place at least once a week at the outset, and then on an as-needed basis. 

 

STEP 5:  The Loan Review Board will review and evaluate the application and recovery plan and decide if the loan is to be approved. In most cases the Loan Review Board decision will be conveyed to the applicant the next day.

 

STEP 6:  If the loan is approved, the Loan Review Board will proceed with the process of qualifying the Areivim, and the signing of loan documentation. Once this process is complete the Gesher Fund loan check will be deposited in the individual’s or business’ account.

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