Multi-Year Funding: The Crowd.il Initiative

Whereas:   The Jewish Agency for Israel ("JAFI") initiated a digital peer to peer lending platform (“Platform”); and

Whereas:  The Platform will be operated by a PBC (Public Benefit Company) subsidiary of JAFI to be established (subject to the approval of the Assets and Liabilities Committee) and registered under the name Crowd.il, or a similar name that will be approved by the Registrar of Charities; and

Whereas:   The initial capital required to cover the Platform set up expenses is $1 million and an additional amount of $1.475 million is required for covering a projected operating deficit for the first four years until the Platform covers its operating costs from commission income; and

Whereas:   In addition to an amount of $175,000 already invested in connection with the Platform, JAFI intends to provide up to $325,000 as follows: (1) $100,000 during 2019; (2) $100,000 during 2020; (3) $100,000 during 2021; (4) 25,000 during 2022; and

Whereas:   Additional partners to the Initiative intend to provide, subject to their internal procedure, the balance of the above mentioned expenses in the total amount of $1.975 million as follows: (1) the Ness Foundation  $500,000 over 5 years (2) the Max M. & Marjorie Fisher Foundation - $500,000 over 3 years; (3) the UJA Federation of New York– $475,000 over 5 years; and (4) IDB Israel Fund $500,000 over 5 years; and

Whereas:   JAFI wishes to make such a multi-year commitment subject to agreements to be signed with JAFI,

Therefore, following the approval and recommendation of the Budget and Finance Committee and of the Executive, the Board of Governors resolves as follows:
1. To approve a multi-year commitment in a total amount of $325,000 during the years 2019-2022, for funding the Platform.
2. The Finance unit is authorized to handle the implementation of the above resolution, and to sign all the agreements needed for the implementation of the resolution.