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From a small Jerusalem office offering free loans to new immigrants, Ogen has grown into Israel’s leading nonprofit social finance institution. Explore the moments that shaped our journey: three and a half decades of innovation, inclusion, and financial hope.

1990

Founding of IFLA

Professor Eliezer Jaffe z"l establishes the Israel Free Loan Association (IFLA) in Jerusalem to help new immigrants from the USSR and Ethiopia rebuild their lives with dignity through interest-free credit.

“Restoring dignity
through fair credit.”

Prof. Eliezer Jaffe, Founder

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1991

Housing Support
for Ethiopian Families

IFLA bridges the 20% mortgage gap for Ethiopian new immigrants, helping hundreds of families buy their first homes and start new lives.

1992
 

Growing a National Network

Under IFLA's first CEO Yona Cohen, the organization expands nationwide and support goes International. American Friends of IFLA, British Friends and Canadian Friends founded, creating a global support network. The team moves from Metudela Street to Rivka Street in Jerusalem, establishing the first official office.

1995

 

10,000th Loan Issued

By the mid-1990s, IFLA celebrates a major milestone: 10,000 interest-free loans granted to students, small business owners, and families across Israel. The revolving-fund model proves sustainable and scalable.

2002

Standing Firm Through the Intifada

Amid the economic hardship of the Second Intifada, IFLA doubles its monthly lending to help small businesses, families, and workers keep their livelihoods. During a period when many institutions froze operations, IFLA became a social lifeline for thousands across Israel.

2010

40,000 Loans · ₪750 Million Disbursed

Two decades after its founding, IFLA reaches a historic milestone over 40,000 interest-free loans totaling ₪750 million, making it the largest interest-free lending organization in the world.

2011
 

Leadership Transition

Prof. Jaffe z"l becomes Honorary President; Edward Cohen assumes the role of Board Chair, ushering in a new era of leadership and governance.

2013

 

Building the Infrastructure for Israel’s Social Finance Future

Joe Rozen serves as CEO, steering IFLA through a critical period of modernization — improving transparency, data systems, and donor engagement. His leadership lays the groundwork for Ogen’s transformation into a social finance institution.

2016

 

New CEO, New Vision

Sagi Balasha is appointed CEO, evolving Ogen from philanthropy to social finance and laying the foundation for Israel’s first nonprofit social bank.

2017

 

In Memory of the Founder

Professor Eliezer Jaffe z"l passes away, leaving a 27-year legacy of compassion, fairness, and community-driven finance.

2018

 

Rebranding as Ogen

IFLA officially rebrands as Ogen (“Anchor”), symbolizing its role as a stable, trusted financial resource for Israelis in need. The new identity reflects a broader mission to expand fair credit and deepen its national impact. This shift laid essential groundwork for Ogen’s evolution into a modern social finance institution.

2018

 

Launch of SparkIL

Together with the Jewish Agency, Ogen launches SparkIL, a digital platform enabling individuals worldwide to directly fund interest-free loans for Israeli small businesses and families. The initiative opened a new channel of diaspora engagement, blending personal connection with high-impact philanthropy. SparkIL marked an innovative leap in expanding access to fair credit across Israel.

2020

 

COVID Response & Full Digitization

During COVID-19, Ogen launches blended finance models, expanding its funds and outreach, while providing streamlined opportunities to apply for loans rapidly online. The revolutionary model increase support for thousands of families and small businesses when banks closed their doors.

2019
 

Expanded Credit License & Merger with Keren Shemesh

Ogen becomes Israel’s first nonprofit with an extended credit license and merges with Keren Shemesh, combining capital access with mentorship.

2021

Credit Lines & First Securitized Bond

Ogen secures its first commercial bank credit line and issues Israel’s first nonprofit securitized bond , raising ₪50 million and expanding its lending to small businesses and nonprofits.

2023
 

Government Partnerships & Wartime Relief

Ogen partners with the Israeli government on “Safe Shore” and “Equal Opportunity,” while offering emergency loans to evacuees, reservist families, and small businesses affected by war.

2024

 

Cumulative Milestone: ₪2 Billion Lent

Ogen surpasses ₪2 billion in total loans — a landmark achievement in scaling sustainable social finance in Israel.

2025
 

Bob Gottesman elected as President of American Friends of Ogen

Bob Gottesman, a longstanding and influential Ogen supporter, proudly steps into a strategic leadership role in the US to expand Ogen's outreach and brand awareness.

2025
 

Second Ogen Office Opens in Shfaram

Ogen opens its first branch outside Jerusalem, in the northern city of Shfaram, expanding efforts in the north and support for Arab communities.

2025
 

Ogen Assets reach ₪1 Billion

Ogen's total assets reach ₪1BN with Ogen's scaled blended finance model, made up of ₪500 million in philanthropy and ₪500 million in bank credit lines, bonds and impact investments.

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35 Years of Lending Hope
and the impact keeps growing

 loans disbursed

₪2.6B

borrowers

85,000+

employees

160

repayment

97-99%

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