© Jewish Community Foundation Inc.

1301 Springdale Rd., Suite 200

Cherry Hill, NJ 08003

856-673-2560 (phone)

1-866-322-7181 (fax)

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Siris Interest-Free Loans

Frequently Asked Questions about

Siris Interest-Free Loans

​Q: For what purposes can I use a Siris Loan?

A: When the Siris Endowment Fund was established in 1990, the purpose was written as follows:

"To provide interest-free loans (which must be repaid) to Jewish persons residing in Camden, Burlington, or Gloucester County who are faced with temporary financial hardship, but with assistance can become or remain self-supporting members of our community."

More specifically, "Loans will be provided to help individuals obtain academic, vocational, or professional training; start or expand small business enterprises; purchase an automobile if required for employment or training; or pay for emergency medical expenses and housing needs."

Q: What amount may be borrowed and under what terms?

A: "The amount of the loan depends upon the borrower's need and ability to repay the loan on a monthly basis. The maximum amount of the loan is $2,000 (now $2,500) and the maximum term is three years. The first payment must be made one month after the loan is given, with at least monthly payments thereafter. It is the borrower's legal obligation to make each payment when due."

In the early 1990s, a bequest was received by the Jewish Community Foundation, Inc. (then known as the Bequest and Endowment Society) from the Estate of Fred Siris, establishing the Samuel Aaron and Rose Siris Free Loan Endowment Fund. 

 

The fund was established to help “working” individuals in difficult times. The co-signers must also be working.  All parties must live in the Tri-county area (Burlington, Camden, Gloucester Counties). The maximum amount available for a loan is $2,500.  In the past, the JCF administered the fund but today the JCF works cooperatively with JFCS. JFCS makes a recommendation to the JCF if the person fits the criteria and in some cases, the person may need additional services provided by JFCS.

 

The loan process works as follows:

 

  • Individuals may call Samost Jewish Family & Children's Service

  • JFCS provides intake with the individual

  • JFCS helps the individual complete the loan application form and gives the application to the JCF

  • JCF verifies the information on application including:

    • Employment 

    • Place of residence

  • The JCF contacts the two co-signers to verify they understand that the co-signers are responsible for the loan amount outstanding should the individual default.

  • Paper work is completed and signed off by the JCF Executive Director

  • JCF volunteer leadership is informed the paperwork is complete. No names are revealed to the volunteer leadership. A check is cut and two signatures are secured to sign the check

  • Paper work is completed by JCF staff for loan agreement

  • Co-signers and individuals securing the loan sign completed paperwork.

  • Loan payments are made by the recipient on a monthly basis of about $70 per month directly to the JCF

  • Monthly statements are sent by the JCF to the recipient

 

 

Cosigner Requirements:

Cosigners  must be residents of Camden, Burlington, or Gloucester County with stable employment and established credit, and, preferably should own their own home and be employed in a business or professional capacity. Professionals working in Jewish communal service and persons who currently have a loan with the Fund may not serve as cosigners.

Each cosigner must complete a Cosigner Information Form. If the loan is approved, each cosigner must sign the promissory note. By signing the promissory note, the cosigner is liable "jointly and severally" for the loan. This means that while we would expect each cosigner to share equally in the responsibility for repayment of the loan, any one cosigner could be called upon to repay the entire balance due. 

 

Questions?

For additional questions about the Siris Interest-Free Loan Fund or to inquire about eligibility, please contact Samost Jewish Family & Children's Service at 856-424-1333.