Hebrew Free Loan Society of New York
The Hebrew Free Loan Society of New York, founded in 1892, is the oldest money gemach in the United States. It spawned similarly-named free-loan funds in many other cities, including Washington, D.C.; Philadelphia, Pennsylvania; and Holyoke, Massachusetts.
Using money provided by contributions, the society provides small, interest-free loans which are paid back in weekly installments. Today, the society provides more than $10 million in interest-free loans on an annual basis while maintaining a loss rate lower than one percent.
