Ogen Announces Major Boost to ‘Yuval Fund’ to Provide Interest-Free Loans for Reservists Impacted by Ongoing War

Named in memory of fallen soldier Yuval Silber, fund provides interest-free loans of up to 40,000 shekels to help reservists navigate ongoing financial hardships.

Jerusalem, Israel – November 26, 2024 – Ogen, Israel’s sole provider of interest-free social loans, today announced a major boost of the Yuval Fund, with the aim of providing additional interest-free loans to Israel’s reservists and their families over the next year. Named in memory of fallen soldier Yuval Silber, the fund represents a lifeline for the thousands of families financially affected by the October 7 attacks and the subsequent ongoing war.

In response to the unprecedented demand for assistance, Ogen has already distributed over 3,500 loans totaling $78 million across various initiatives, including 400 loans and over $4 million to reservists through the Yuval Fund. This demonstrates Ogen’s commitment to supporting those in need during these challenging times. Many reservists have served for over 200 days, with their families facing the emotional and practical challenges of managing their households alone, often with great anxiety as their loved ones perform combat roles, risking their lives. With a 250% increase in loan applications from reservists, the new goals for the Yuval Fund recognize the urgent financial needs of those serving on the front lines while trying to support their families at home.

The Yuval Fund offers targeted, interest-free loans of up to 40,000 shekels (approximately $8,200 USD) to reservists who have served at least 30 days since the conflict began. These loans, with no guarantor requirements and a five-year repayment period, are designed to provide immediate financial relief, helping reservists manage mortgage payments, daily living costs, and unforeseen expenses while they serve the country.

The fund was created following the tragic death of Yuval Silber, a reservist who was killed in action in November 2023. The fund was initially established with a donation of half a million shekels (approximately $138,000 USD) from the Peled and Scharf families, including Efrat Peled, CEO of the Arison family’s investment arm. Peled, who was deeply moved after the loss of her son’s best friend, Yuval, sought to create a meaningful legacy in his honor.

Since then, the Yuval Fund has garnered widespread support, including a personal donation of 9 million NIS (approximately $2.4 million USD) from Shari Arison, one of Israel’s most prominent philanthropists, and an additional 300,000 NIS (approximately $80,000 USD) raised through crowdfunding. The fund has rapidly expanded to support reservists facing financial hardships, with total contributions now exceeding 13 million NIS (approximately $3.5 million USD).

Ogen’s model of interest-free social loans has proven highly effective, with a loan default rate of just 0.7%. Since its founding over three decades ago, Ogen has remained a pillar of financial support for underserved communities across Israel.

Eldan Kaye, VP of Development and Partnerships at Ogen, said: “Israel’s reservists are the backbone of our national defense, and during these challenging times, it is our responsibility to support them and their families. The Yuval Fund represents our commitment to standing by those who serve our country, ensuring they have the resources to focus on their vital roles without the added stress of financial hardship. We are grateful for the generous contributions from the Peled, Scharf, and Arison families, which have made this fund possible. Together, we are building a stronger, more resilient community that honors the sacrifices of our brave soldiers and their families.”

Yuval’s family and friends shared their thoughts at the Ogen Conference held yesterday in Tel Aviv. The conference focused on addressing the economic challenges posed by the ongoing “Iron Swords” war and exploring solutions to support affected communities—such as evacuees, reservists, farmers, and small business owners.

Shira Silber, Yuval’s sister, said: “Yuval was a true hero, and we wanted to create a memorial that reflected this… We quickly realized that we wanted to commemorate Yuval in a way that suited his strong, vibrant, and uplifting personality. We wanted something that truly made a positive impact. That’s when we heard about Ogen. After some research, we realized they were the organization that could help us fulfill our desire to honor Yuval.”

Tomer Peled, Yuval’s close friend, said: “The goal is for the loans to remain sustainable for years to come, as current reservists repay the funds, allowing them to be passed on to the next generation of those who give so much… We’re continually moved by the stories of how this fund has made a difference. We just want to keep going and expand the fund further. Our hope is to leave a lasting memorial that turns Yuval’s sacrifice and tragedy into something profoundly good, continuing to grow and support reservists who were there for us when we needed them.”

About Ogen

Ogen is a pioneering non-profit social-finance leader committed to advancing financial well-being, inclusion, and opportunities for the people of Israel. With a legacy spanning over three decades, Ogen aims to uplift underserved communities on the social and economic periphery. Ogen grants access to essential capital, provides crucial financial guidance, and nurtures growth for individuals and families, small businesses, and nonprofit organizations. To date, Ogen has managed a credit portfolio valued at 500 million NIS ($131 million) and disbursed over 80,000 loans, amounting to nearly 2 billion NIS since its inception.

For more information, visit Ogen’s website.