Social lender Ogen will boost its fund for interest-free loans for IDF reservists after seeing a 250% increase in loan applications from reservists, the organization announced this week.
The "Yuval Fund," in honor of fallen IDF reserves Captain Yuval Silber, who was killed in action in November 2023, has provided over $4 million to reservists in loans, the organization said.
"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 fund offers loans of up to NIS 40,000 to reservists in interest-free loans with a repayment period of five years. Loans are offered to reservists who have served at least 30 days since the outbreak of the Israel-Hamas War and have no guarantor requirements.
The fund was first created when Efrat Peled, CEO of the Arison family’s investment arm, was moved by the loss of Silber, her best friend's son, to create a legacy in his honor. The fund started with a donation from the Peled and Scharf families of $138,000.
"The fund has rapidly expanded to support reservists facing financial hardships, with total contributions now exceeding NIS 13 million," the organization said.
Yuval Fund honors heroic IDF reservist
"Yuval was a true hero, and we wanted to create a memorial that reflected this," his sister Shira Silber said.
"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."
A close friend of Yuval also commented on the Yuval Fund, saying that "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."
"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," said VP of Development and Partnerships at Ogen Eldan Kaye.