The United Jewish Appeal of Greater New York has borrowed $20, 000, 000 from a group of local banks to provide cash needed immediately to help carry on emergency migration activities and to care for thousands of refugees recently arrived in Israel. This was announced today by New York UJA’s treasurer, Samuel D. Leidesdorf.
Mr. Leidesdorf declared that the loan, which represents an unusual application of business principles to philanthropic financing, was negotiated in anticipation of massive community support of the current New York UJA-fund-raising campaign. The United Jewish Appeal of Greater New York is required to demonstrate each month that its 1958 drive, now in its early stages, is obtaining pledges from contributors in accordance with a rigorous schedule established in the loan agreement and based on performance in past campaigns.
Mr. Leidesdorf explained that the loan represents an attempted by the UJA of Greater New York to help reduce in the long run the cost of welfare programs it supports by providing the Jewish Agency, the principal UJA beneficiary in Israel, with enough cash to keep its programs for resettling and integrating refugees operating without curtailment.
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