Credit Cooperatives Lend $50,000,000 a Year to Jews in 15 Countries

More than $50,000,000 a year is being granted in loans to Jewish traders, artisans, agriculturists and others in various European countries by the Credit Cooperatives supported by the American Joint Reconstruction Foundation, which was established in 1924, by the Distribution Committee and the Jewish Colonization Association.

This was stated in connection with the fifteenth anniversary of the creation of the Foundation. The Foundation is functioning for the purpose of organizing constructive relief for the needy Jewish population, chiefly in the countries of Central and Eastern Europe. Sir Osmond E. d’Avigdor Goldsmid is president. Directors are Dr. Bernhard Kahn, Louis Oungre and David J. Schweitzer. Noel Aronovici has been secretary-general since its inception.

Operating in fifteen countries, the Foundation has established credit cooperatives for the Jewish population or strengthened the institutions already existing, so that the entire Jewish middle class can now find assistance for whatever purpose needed. A network of over 700 credit establishments is now under the control of the Foundation. In Poland a third of the entire Jewish population–more than a million people–are benefiting directly or indirectly from about 500 credit cooperatives which the Foundation is maintaining there.

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