KORET COMMITS $3 MILLION
FOR RECOVERY IN ISRAEL
San Francisco (Sept. 22, 2006) — The Koret Foundation has committed $3 million to be distributed to selected organizations working toward recovery and development to rebuild the Israeli economy and infrastructure in the wake of the summer’s Lebanon War, Koret President Tad Taube announced today.
This commitment of funds follows a $50,000 emergency grant which ultimately supported NATAL, Israel’s trauma center for victims of terror and war, awarded shortly after the conflict began in July.
Experience with market-based solutions and expertise in small-business finance positions Koret to respond to the challenge of post-war economic recovery and further development of Israel’s northern periphery.
“On the eve of the Jewish new year, it seems especially appropriate to share the blessings of our good fortune and expertise with those hit hard in the Jewish homeland,” said Koret CEO Jeffrey A. Farber. “We hope that others with resources will join us in the effort to rebuild and expand the Israeli economy, particularly in the North.”
In the aftermath of the war, Koret Israel Economic Development Funds (KIEDF), established in 1994 to facilitate loans to small businesses in Israel, has experienced a threefold increase in loan applications. In response, KIEDF has increased the maximum amount of its loan guarantees and expedited the application process in the North. Since its inception, KIEDF has facilitated some $105 million in financing to nearly 3,300 small businesses in Israel, supporting 17,000 jobs. Since Aug. 1, KIEDF has approved 265 loans to small businesses, 85 percent of them in the North, totaling $5 million.
The Israeli Finance Ministry estimates that the war with Hezbollah will cost the country in excess of $5 billion. The government already has received more than 25,000 claims for government assistance due to property damage and related claims. Even before the war, economic development in Israel’s North had been identified as a national priority and included a number of infrastructure projects designed to integrate the region into the growth economy of the rest of the country.
Over the next 12 months, Koret’s board will identify and recommend $3 million in allocations to selected organizations in the U.S. and Israel to aid the region’s recovery needs, with a goal of leveraging philanthropic, governmental and private capital for post-war economic reconstruction.
“Especially at this time of crisis, I am gratified that our capital can be put to innovative use to support Israel’s small-business sector – the backbone of any robust, free-market economy,” said Koret President Tad Taube. “This grant demonstrates Koret’s commitment while allowing the time necessary for a thoughtful assessment and considered response to immediate as well as long-term needs. We hope that others will join us in making major commitments to Israel.”
About Koret
An entrepreneurial spirit guides Koret in addressing societal challenges and strengthening Bay Area life. Investing in strategic, local solutions, we help to inspire a multiplier effect – encouraging collaborative funding and developing model initiatives.
In the San Francisco Bay Area, Koret adds to the region’s vitality by promoting educational opportunity, contributing to a diverse cultural landscape, and bolstering organizations that are innovative in their approaches to meeting community needs.
With our roots in the Jewish community, we embrace the community of Israel, especially through Koret Israel Economic Development Funds (KIEDF); we believe that economic stability and free market expansion offer the best hope for a prosperous future.
At Koret, we understand our responsibility to make an impact – to honor the legacy of our founders, and to find long-lasting solutions that improve people’s lives.
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CONTACT:
Susan Wolfe, Director
Marketing & Communications
Koret Foundation Funds
(415) 882-7740
swolfe@koretfoundation.org