Hebrew Free Loan Society of New York
# Hebrew Free Loan Society of New York

The Hebrew Free Loan Society of New York, founded in 1892, is the oldest money gemach in the United States. It spawned similarly named free-loan funds in many other cities, including Washington, D.C.; Philadelphia, Pennsylvania; and Holyoke, Massachusetts.

Using money provided by contributions, the society provides small, interest-free loans which are paid back in weekly installments. Today, the society provides more than $10 million in interest-free loans on an annual basis while maintaining a loss rate lower than one percent.

