One significant project of great importance that the Foundation has been promoting for a number of years is the annual provision of loans to students who are residents of the city, and awarding scholarships to students who volunteer through the PERACH Project to mentor and tutor youngsters in Rishon LeZion.
In order to encourage academic studies, a loan fund was established in Rishon LeZion for student residents of the city, in cooperation with the Foundation. The fund enables a student to receive a bank loan of NIS 10,000 per year in each year of his or her undergraduate studies, for up to three years (totaling NIS 30,000).
During the three years of undergraduate studies, the student is exempt from making interest payments on the loan, which the Foundation covers. The student begins repaying the loan’s principal and paying interest only after completing his or her studies, with the repayment spread over six years.
Each year we raise NIS 100,000, which is earmarked for subsidizing interest payments on the loans. This amount helps to provide interest-free loans for more than 200 students annually.