MILWAUKEE JEWISH FREE LOAN ASSOCIATION
THE ONLY INTEREST-FREE FINANCIAL ALTERNATIVE FOR SOUTHEASTERN WISCONSIN
MJFLA NEWS​​​
Yvette Sims credits the Milwaukee Jewish Free Loan Association with helping her prepare to purchase a home. (Photo by Jonathan Aguilar / Milwaukee Neighborhood News Service / CatchLight Local)
During a homebuyer seminar, Yvette Sims realized credit card debt was keeping her from opportunities like homeownership.
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Despite paying every month, her debt wasn’t moving, Sims said.
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“I pay all my bills on time, always have,” she said. “But it just wasn’t making a difference.”
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That was before a housing coach connected her to the Milwaukee Jewish Free Loan Association and changed what she thought was a never-ending cycle.
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The Milwaukee Jewish Free Loan Association, 409 E. Silver Spring Drive, is a nonprofit that provides interest-free loans and other financial solutions to people of all faiths in southeastern Wisconsin.
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Sims received a loan from the organization through its Debt Reduction Loan Fund. The loan covered her debt and allowed her to pay it back interest-free.
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“I am just grateful that I was told about this opportunity,” Sims said. “I didn’t realize how much it would help me progress.”
‘It’s a hand up, not a handout‘
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Launched in 2023, the Debt Reduction Loan Fund provides interest-free loans to people working with local housing agencies. The loans help them pay off high-interest credit cards, predatory loans, or Internal Revenue Service debt.
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The goal is to help people overcome all obstacles that can prevent them from qualifying for a mortgage.
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Anna Koenig, executive director of the loan association, said that while the organization’s name contains “Jewish,” its services are available to anyone. Its model is built on the Jewish teaching that prohibits charging interest to those in need.
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“It’s a hand up, not a handout,” she said. “Clients repay exactly what they borrow, nothing more. And their repayments help fund loans for the next family.”
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The first $50,000 pilot fund was financed by Bader Philanthropies and supplemented by private donors.
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In 2024, the Zilber Family Foundation invested an additional $160,000 to expand the program to new partners.
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Rising rents, stagnant wages, and the growing cost of homeownership all make it harder for Milwaukeeans to build wealth, Koenig said.
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How it works
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Residents, like Sims, qualify for the debt-reduction loans through referral from one of four housing agencies and organizations: Acts Housing, United Community Center, Habitat for Humanity, or Housing Resources Inc.
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Unlike the association’s traditional loans, which require a co-signer, participants in this homeownership pathway can forgo that requirement.
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Instead, financial coaches at the partner agencies serve as a bridge.
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The coaches help clients repair their credit, manage debt, and prepare for the mortgage process.
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The association, housing agencies, and financial backers realized that for many households, the process of buying a home is stalled by the weight of debt with high-interest rates.
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The interest-free loans change that math overnight.
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Sims, a Milwaukee resident and dedicated Milwaukee Public Schools teacher, said that while she didn’t have much debt, it was keeping her from where she needed to be.
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After she received an interest-free loan to pay off her credit card balances, she was able to increase her credit score and is now one step closer to becoming a homeowner.
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Growing interest
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Koenig said the Debt Reduction Loan Fund has continued to grow and is now available countywide.
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“This really sparked interest,” she said. “Other agencies saw its impact and wanted to replicate it for their clients.”
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While not every borrower has purchased a home yet, the loan association has seen clear signs that the model works: reduced debt loads, repaired credit and immediate financial breathing room.
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“My credit has never been this good before,” Sims said. “It feels like I can buy whatever I want. But I also learned through the program the discipline of not just spending because I have it.”
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Jaquetia Tate, homeownership specialist with Housing Resources Inc., said the program is amazing because it gives people a chance to get ahead.
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“Many of the people we work with have the income to make their payments and pay their bills,” Tate said. “This program gives them the ability to save money, build credit and prepare for other financial goals.”
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Community support needed
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With just two staff members, the loan association relies heavily on community awareness.
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“Getting the word out is huge,” Koenig said. “People often don’t know this resource exists or they assume it’s only for the Jewish community. It’s for everyone.”
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Donations help, she said, but so does simply telling neighbors and clients that an interest-free option is available.
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The Milwaukee Jewish Free Loan Association operates like a nonprofit, interest-free community bank.
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Repayments cycle back into the loan pool, allowing the fund to keep growing.
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So far, the program has reported no defaults and an over 95% repayment rate in its pilot fund, according to Koenig.
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“It’s a beautiful system,” Koenig said. “Someone gets help when they need it, they pay it back, and that allows the next person to take a step toward their future. It’s community supporting community.”
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For more information
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You can learn more by clicking here.
Fernando Camps, Director of United Community Center's First Time Homebuyer Counselor Program listens in a one-on-one counseling session. Photo credit: United Community Center.
The Milwaukee Jewish Free Loan Association — a nonprofit interest-free lending organization — has launched its Debt Reduction Loan Fund program.
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The fund provides up to $7,500 in interest-free loans to individuals enrolled in a qualified homebuyer counseling program, according to a news release.
“Homeownership is a powerful way to build stability and generational wealth, yet too many families are held back by debt,” MJFLA executive director Anna Koenig said. “Our Debt Reduction Loan Fund removes a key financial obstacle and helps put more people on the path to owning a home, helping strengthen families and neighborhoods.”
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Local organizations Acts Housing, Milwaukee Habitat for Humanity, Housing Resources Inc. and United Community Center offer homebuyer counseling services that support the program. Borrowers referred to the Debt Reduction Loan Fund program through these counseling agencies will not need a guarantor or co-signer.
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To be eligible for a loan, which would have a 36-month repayment period, individuals must:
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Be at least 18 years old
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Be a resident of southeastern Wisconsin
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Have a stable form of income
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Be referred to the program by a financial coach or loan officer at Acts Housing, Habitat for Humanity, Housing Resources Inc. and the United Community Center.​
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Since the MJFLA’s founding in 2009, the organization has loaned more than $2.6 million.
After founding and leading the Milwaukee Jewish Free Loan Association for 15 years, Ginny Gendelman has passed the torch to Anna Goldstein Koenig, former assistant director of Hillel Milwaukee.
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The Jewish Free Loan Association offers various types of interest- free loans to help people meet different needs: whether through personal or emergency loans, student loans, or loans to help people grow their families through adoption and other means. Goldstein Koenig became the new executive director Sept. 5.
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The concept of a Jewish Free Loan Association first piqued Gendelman’s interest when she became familiar with the Los Angeles chapter while living there. At the time, Gendelman was working full-time as an architect and raising two young daughters, but knew she wanted to get involved with the organization once her schedule cleared up. After moving to Milwaukee and realizing there was no free loan association, she decided to start one herself.
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Gendelman formed the organization in 2009 with donations from six couples, including herself and her husband. Since then, the organization has grown significantly, and now holds $1 million in funds and maintains a 99.6% repayment rate. The coalition has loaned almost $2 million to date and served thousands of community members.
“It’s a way to allow people to solve their own financial situation, while preserving their dignity. And it doesn’t feel like charity. People don’t want charity. They just want to solve their own financial problems and go on with their lives,” Gendelman said. “So, we really make sure that it feels like they’re just taking out a loan, and they’re paying it back.”
Reflecting on her time at the association, Gendelman described an experience with a former client who took a semester off from college after her father died. “I get choked up just even thinking about it,” Gendelman said.
Since the student had missed one semester, she not only lost her scholarship, but was obligated to pay back the financial aid she received for the semester. Her father’s death left her family with no funds to pay back the school., To make matters worse, the school wouldn’t let her set up a payment plan, or give the student her transcripts to transfer somewhere more affordable. Gendelman described the situation as a “Catch-22.”
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Through a loan and negotiations with the school managed by the association, the student was able to pay the school a lower price, and get her transcripts to finish her degree at University of Wisconsin-Milwaukee.
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“It was just a real situation where they felt like there was no hope. She was working three jobs, just trying to help her mom pay the bills, and was never going to be able to go back to school and finish her degree. And so we were able to make a real difference,” Gendelman said. The student is now a teacher, and is able to help support her family as well.
More recently, Gendelman recalled loaning a young refugee the money she needed to obtain a visa that would keep her from being deported back to Ukraine.
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Gendelman is currently mentoring Goldstein Koenig, who began working at the organization this September, until Gendelman finishes out her tenure at the end of this year.
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Goldstein Koenig came to Milwaukee to attend Marquette University as an undergraduate, where she pursued her passion for social justice through her coursework and involvement with local Jewish organizations. In 2017, she began her career as the outreach and teen philanthropy coordinator at Milwaukee Jewish Federation, before leaving in 2020 to work at Hillel Milwaukee, where she remained until joining the Milwaukee Jewish Free Loan Association.
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Goldstein Koenig comes from a family with a history of making loans. Goldstein Koenig’s grandmother, a Holocaust refugee, once loaned her own money to a struggling kosher caterer, in addition to managing the loans distributed through her synagogue in Denver.
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Goldstein Koenig said she’s honored to take on her new leadership role within the Milwaukee Jewish Free Loan Association. “It’s one of the most incredible organizations that we have in the Jewish community, and one with so much potential for growth, both of our donor base, but also in our outreach,” she said.
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As executive director, Goldstein Koenig plans to focus on growing the organization, and its impact on those both inside and outside the Jewish community.
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“I know that the free loan is going to be in good hands, so I’m really excited,” Gendelman said.
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Are you eligible for a loan?
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Loan recipients must meet the following criteria:
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At least 18 years old
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Resident of Southeastern Wisconsin
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Have sufficient income to repay the loan
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Have loan guarantor
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Visit Mjfla.org/apply for more information.
NOVEMBER 22, 2023 - MJFLA FEATURED ON THE MILLER LAW CHRONICLES PODCAST
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AUGUST 14, 2023 - NEWS UPDATE FROM THE EXECUTIVE DIRECTOR
Dear MJFLA Community,
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As previously announced in April, after founding MJFLA and leading the organization for 15 meaningful years, I have decided to retire from my position as executive director at the end of 2023. [READ THAT ANNOUNCEMENT BELOW]
Today, I am thrilled to announce a new chapter in MJFLA’s journey with the appointment of our new executive director, Anna Goldstein Koenig. With experience as both an assistant director and interim executive director, and a proven track record of leadership, outreach, and a commitment to excellence, Anna is poised to guide MJFLA into a future filled with innovation, growth, and continued success.
Anna brings with her not only a passion for social justice and making a positive impact on the lives of others, but also a family history of making interest-free loans dating back to her grandmother, a Holocaust refugee who came to the U.S. when she was eight years old. Anna’s dedication to our mission makes her an exceptional fit to lead our organization and will undoubtedly propel MJFLA to even greater heights.
Thank you to Sarah Platt, our board president, for your guidance and leadership throughout this process, and to the MJFLA Succession Planning Committee: Eileen Graves, Marlene Lauwasser, Jamie Miller, and David Wyatt. Both Anna and I are looking forward to working together over the coming months to effectuate a seamless transition for the organization!
Please join us to welcome Anna in person and learn more about her vision for our shared future at MJFLA’s 14th Annual Movie Night fundraiser, honoring Marlene Lauwasser, on October 14, 2023. We are confident that, under her direction, MJFLA will continue to thrive and make a meaningful impact in the Greater Milwaukee community. With your support and Anna’s leadership, MJFLA will undoubtedly go from strength to strength!
With gratitude,
Ginny Gendelman
MJFLA Executive Director
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APRIL 21, 2023 - NEWS FROM THE EXECUTIVE DIRECTOR
Dear MJFLA Community,
As we reach the 15 year mark, Milwaukee Jewish Free Loan Association is growing and helping more people than ever! With new funds that empower people to become homeowners and to repair homes and make them more energy efficient, more funds to empower families to grow through adoption and other means, more funds for students to get an education, and larger funds to make it possible for employers to empower their employees to become financially stable, it is an exciting time!
With all of this excitement, it is time to bring on a passionate, skilled, and energetic executive to become my successor and take the lead in running this important community resource. After 15 rewarding years of leading MJFLA, I have decided to retire from my position as executive director sometime around the end of 2023. Rest assured that I will not be leaving MJFLA until we identify and onboard the next capable leader of this strong and thriving organization. We are planning for a smooth overlap to transfer knowledge and equip the next executive director to succeed. The MJFLA board, under the leadership of our president, Sarah Platt, has convened a search committee and we are committed to finding a caring and community-minded leader to take the baton after a sufficient transition period. This has not been an easy decision, as I founded this organization in 2009 and I have found immense joy and purpose working with the many dedicated members of our boards of directors and our development director, Felicia Miller, to serve the individuals, families, and employers of Southern and Southeastern Wisconsin to improve lives every day.
Since making the first interest-free loan in 2009, MJFLA has grown exponentially, but remains focused on a single mission - making interest-free loans to help people with temporary financial needs. To date, over $1,746,000 has been loaned, and those funds continue to be recycled into new loans, as MJFLA maintains a 99.6% repayment rate. We began with emergency and personal loans, and loans to help people avoid or escape predatory payday lenders. Over time, we added student and employee loan programs, as well as loans to help families grow. Most recently, we have partnered with Acts Housing to empower low-income families to improve their credit and qualify for mortgages so they can become homeowners, break the cycle of poverty, and begin to establish generational wealth. I could not be more proud and humbled. All of this - the immense impact MJFLA has had on the people of our community - would not have been possible without all of you, our donors. I will be forever grateful.
As we work harder than ever this year to continue empowering people in our community to improve their lives, I hope you will continue to empower MJFLA with your support. MJFLA's spring challenge appeal will be in the mail to you soon and we have a generous donor that will match every gift, up to $25,000, received by June 30! Also, I hope you will save-the-date and attend MJFLA's 14th Annual Movie Night on October 14, so that I can thank you in person!
Sincerely,
Ginny Gendelman
MJFLA Executive Director
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APRIL 3, 2023 - SOFT PULL CREDIT REPORTS
MJFLA is now able to run all "soft pull" credit reports, which is fantastic for our clients and their guarantors! What Is a Soft Credit Check or "soft pull"? A soft credit check is an inquiry into your credit report initiated either by you or a company. It can occur even if you didn’t apply for credit and is primarily used to screen for preapproval financing offer or background check. The good news is that a soft inquiry does not affect your all-important credit score, which is a numerical representation of your creditworthiness intended to help creditors determine the likelihood of being paid back if they extend credit to you. [click here for more information]
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APRIL 1, 2023 - NEW FCC RULES REGARDING SMS MESSAGING
To communicate with MJFLA via text messaging you can now text OPT-IN to 414-961-1500 to enable MJFLA to text with you. Also, by submitting any MJFLA application or donation form, calling 414-961-1500, emailing info@MJFLA.org, or using the website chat to contact MJFLA, you will automatically opt-in to receive sms messages from MJFLA. You may choose to opt out by replying STOP to unsubscribe at any time.
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MARCH 1, 2023 - MJFLA IS HELPING MORE PEOPLE IN MKE TO BECOME HOMEOWNERS
MJFLA is working with new community partner, Acts Housing, to help people reduce their debt-to-income ratio and improve their credit score so they can qualify for a mortgage and become homeowners. This empowers people in our community to escape the cycle of poverty and begin to build generational wealth. Visit this page for more information.
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