What to know about this Lending Partner
The Koret Israel Economic Development Funds (KIEDF) was established in Israel in 1994 upon the initiative of the Koret Foundation of San Francisco to stimulate economic development and employment opportunity in the private sector in Israel. Since inception, KIEDF has facilitated close to $225 million in financing to over 8,500 small and micro businesses in Israel while creating and supporting more than 45,000 jobs.
Since 2003, KIEDF is involved with development and implementation of microenterprise development programs throughout Israel to increase employment and socioeconomic advancement opportunities for low income populations facing barriers to business training and financing on reasonable terms. Thousands of microenterprises have been supported and developed with the support of these programs.
In 2006, KIEDF established SAWA – Israel's first microfinance program providing direct non-bank loans. Group and individual direct loans are distributed by KIEDF's revolving loan fund at the Postal Bank. Loans support a wide variety of businesses including small commerce, grocery stores, animal raising, hairdressing, sewing, day care etc. Kiva works only with KIEDF's SAWA direct lending program to expand access to financial services to excluded populations.
During the first 4 years of operation, SAWA operated mainly among Bedouin women in the south of the country. In 2010 the program has expanded to additional populations throughout the country including unemployed Jewish women, immigrants, orthodox Jewish women and additional Arab Israeli women. At the end of 2012, SAWA began its lending operations in Jerusalem. The success of SAWA, one of a few microfinance program in Israel, illustrates tremendous possibilities of microfinance in combatting poverty.