A gift that gets lent again: Why Israel needs a nonprofit bank
Detailed summary
What could Israel build if more of our giving kept on working? Part of the answer to the issue is a nonprofit bank ...
A reservist comes home after months of service to a business that still has customers but has run out of cash. He needs a loan to make payroll. In Israel, five banking groups hold about 97% of the assets in the banking system, so he has very few places to ask. If the answer is no, or a yes on terms that make the problem worse, there is often nowhere else to turn. After three years of war, many Israelis are in his position.Rebuilding the economy starts with fair credit.In August, Ogen applied to the Bank of Israel to establish Israel's first nonprofit bank. A law passed this year made it possible for a bank to be structured as a nonprofit for the first time.
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