UJA-Federation of New York announced on Wednesday that it is contributing a $500,000 seed loan to Israel Venture Network (IVN)’s newly launched IVN-Yozma Fund, which will invest in social businesses that address complex social challenges in Israel.
The IVN-Yozma Fund, financed in part by the Israeli government, is dedicated to investing in and mentoring social businesses and entrepreneurs that help create sustainable opportunities for Israel’s disadvantaged minority populations, with a focus on at-risk youth, the mentally and physically disabled, recovering addicts, ex-offenders, the chronically unemployed, the elderly, single parents, Israeli Arabs and others.
The $6.5 million IVN-Yozma will be financed by a $2.6 million grant from the Israeli Ministry of Finance and by $3.9 million in donations and commercial investment — including the UJA-Federation of New York loan — through IVN.
At Wednesday’s launch, IVN announces its first investment, a $250,000 loan to Call Yachol, an Israeli social business specializing in the setup of outsourced call centers that recruits adults with physical and mental disabilities and already has more than 200 employees.
Speaking at the event were Shoresh Institution President and Founder Dan Ben-David; former Palm Inc. Chairman and CEO and IVN Chairman Eric Benhamou; NICE Systems Co-Founder and IVN Board Member Benny Levin; IVN CEO Michal Simler; and UJA-Federation of New York Treasurer Jeffrey M. Stern.
About UJA-Federation of New York
For nearly 100 years, UJA-Federation has inspired New Yorkers to act on their values and invest in our community for the biggest impact. Through UJA-Federation, more than 50,000 donors address issues that matter most to them, pooling their resources to care for New Yorkers of all backgrounds and Jews everywhere, to connect people to their Jewish communities, and to respond to crises close to home and around the globe. Working with nearly 100 beneficiary agencies, synagogues, and other Jewish organizations, UJA-Federation is the world’s largest local philanthropy; our reach spans from New York to Israel to more than 70 other countries around the world, touching 4.5 million people each year. For more information on how to donate or volunteer, please visit our website at www.ujafedny.org.
About Israel Venture Network (IVN)