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First Free Loan Society Set Up in Chile

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A Jewish free loan society, which will extend credit principally to small Jewish tradesmen, manufacturers and farmers, has been formed here, the first such institution established in Chile.

The financial organization was set up following talks between Dr. Noel Aronovici, vice-director of the American Joint Reconstruction Foundation, and Jewish and other officials here.

The institution has been established on a cooperative basis and is known as the Cooperative de Credito para la Industria, Agricultura y Comercia, LTDA. The abbreviated name is COCIAC, LTDA. The initial capital is 500,000 pesos. Practically all groups of Jews in Chile, including long established residents and newly-arrived Ashkenazi and Sephardic Jews, are represented on the board. Jaime Levy, president of the Sephardic Community of Santiago, was elected president of the board.

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