FAQ: Spark Your Curiosity
01
Why the name SparkIL?
We want to SPARK economic growth among the periphery of Israel – country code IL.
02
How much of my loan goes to the business?
100% of your loan goes to the business or businesses of your choosing.
03
Do I need to fund the entire loan?
No. In fact, please invite your friends in making an impact and helping a business in Israel flourish. If you are interested in funding the full loan amount, please email [email protected].
04
How does repayment work?
You will begin to receive monthly repayments after the campaign ends. The balance can be seen in you SparkIL account. SparkIL does not guarantee repayment but works diligently to ensure the borrowers pay back their loan in full.
05
Who qualifies to receive a SparkIL loan?
Businesses across Israel’s social, economic, or geographic peripheries, and since October 7th, businesses and nonprofits affected by the war. Visit our impact page for more details.
06
How are the businesses vetted?
Each business goes through a thorough review process to ensure the lowest risk possible in providing a loan. The members of the committee are both professionals and lay leaders with expertise in banking, finance, and underwriting.
07
How does SparkIL cover costs?
SparkIL has generous funders who believe in the cause of social impact lending and Israel engagement and can be seen on our partners page. If you, or your organization are interested in becoming a funder, please reach out to [email protected].
08
Do Borrowers pay interest on their loans?
Loans are interest free, but we reserve the right in the future to collect a one-time fee from the borrower.
09
What happens if a campaign is not fully funded?
The SparkIL team collaborates with borrowers to promote campaigns across various media to ensure full funding. Matching funds may be used if needed. Most borrowers can still use the money even if the loan isn’t fully funded.
Ready to
SPARK an
Impact?.
Additional Q&A
What happens if a business is unable to repay its loan?
Thank you for reaching out and for your interest in our program. We have raised funds as a “safety cushion” to address exceptional cases where a loan cannot be repaid. Fortunately, we have not encountered such a situation so far. If you have any further questions or need more information, feel free to contact us. |
Can a non-Israeli citizen receive a loan?
The law allows us to provide loans only to individuals who are Israeli citizens at the time of receiving the loan. Therefore, we would be happy to review your application once you obtain Israeli citizenship. |
What is the difference between a loan and a donation?
When you lend to a specific business – it’s a loan – not a donation. You will get your money back, so there is an end date and no donation receipt. If you wish to donate and support Israeli small businesses in general, you are welcome to do it via this link: https://sparkil.org/support-us/.
What is the maximum loan amount per day?
You can lend up to $500 per day (in accordance with Israel’s anti-money laundering regulations).
How can I use the repaid funds in my account to lend again?
First, choose a business to which you want to lend and the amount. On the payment page, it will show you how much credit you have accumulated. You can use that instead of entering a credit card, providing there is already a minimum of $25 in your credit. You can complete the remaining amount with a credit card if needed.
Can I contribute by a Donor Advised Fund? Do you have US EIN as a nonprofit?
Donating to SparkIL through a DAF is done via our fiscal sponsor that does not charge us any fees. EIN of American Friends of Ogen Inc.: 13-3691494. American Friends of Ogen holds a 501c3 and is our parent organization. Please make sure to add a comment mentioning SparkIL when recommending the donation to your DAF. |
Using a Payoneer coupon but not seeing the full balance.
You can use the same coupon code for another $25, and it should go through. We can see you used only $25 of the $50. If you have any issues, please let us know.
Difficulty lending to multiple businesses at once and having to re-enter credit card details.
Thank you for reaching out and for the numerous loans you extended to Israeli small businesses. You are absolutely correct, and we are in the development process for a “cart” so you will be able to lend to a few businesses at a time. Sorry for the inconvenience. |
#bringthemhome
We extend our heartfelt condolences to Jon Polin, a founder of SparkIL, and his family during this profoundly difficult time. We mourn with them the tragic loss of their son Hersh, who was cruelly murdered while being held hostage in Gaza by Hamas. Our thoughts are with the Polin family, and we continue to hope for the safe return of everyone still captive in Gaza.