Gemilath Chesed – Hebrew Free Loan Association of Providence

After many years on Burlington Street in Providence, the Hebrew Free Loan Association of Providence has moved to a new location at 467-469 Roosevelt Ave., Central Falls. Their phone number is 401-305-5258.

Founded in 1903, Hebrew Free Loan’s mission from the beginning has been to grant interest-free loans to all responsible members in good standing. Its helping hand has provided many the means to overcome financial difficulties.

Loans have been used for education, personal needs, auto and home repairs, camp fees and Temple dues, to name a few. These loans have  a two-year payback period and require co-signers.

Bess Lindenbaum, in her written memoir, tells the story of how the Hebrew Free Loan Association helped her father upon his arrival in Rhode Island early in the 20th century. He wanted to fulfill his dream and go into business for himself. Bess Lindenbaum has maintained her loyalty to the Hebrew Free Loan. The following excerpt was used with her permission:

“…. He decided that being a peddler might be a more lucrative and healthier option than working in a flour mill. He went to the Hebrew Free Loan to apply for a loan in order to buy merchandise which he could sell…. He received the loan.

“…. Most immigrants like my father had great ambition and were highly skilled workers, but they lacked the one thing they needed the most – capital. Bankers would not make loans to immigrants who had no collateral. For immigrants like my father at the low end of the economic ladder, free loan societies were their only source of capital.”

Lindenbaum became an extremely successful and prominent businessman in Rhode Island. This story illustrates what Hebrew Free Loan was, is and will continue to be.

Times have changed; however, people’s needs have not. Current members are reminded that it is time to  renew your commitment to the organization by sending membership dues today. Nonmembers are invited to join the association in its quest. Yearly dues are a modest $10; lifetime membership is $180. Please contact Hebrew Free Loan by phone or mail for more information. Remember Gemilath Chesed … A Helping Hand.

GERALD SHERMAN is a board member and the treasurer of Hebrew Free Loan of Providence.