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 info@sparkil.org.
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 Partners@SparkIL.org.
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.
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SPARK an
Impact?.
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We extend our heartfelt support and prayers to Jon Polin, a founder of SparkIL, and his entire family, as their son Hersh was kidnapped and is held hostage byHamas in Gaza. We pray for a safe and swift return for him and all those held in Gaza.