Mercantile Bank General Manager Joshua Burshtein visited Achim’s Bizmax Jerusalem Hub, where he was duly impressed by Achim Global’s activities to promote the haredi economy. The visit comes following the strategic partnership between Achim Global and Mercantile bank in offering loans to haredi entrepreneurs.

Achim’s loan fund is providing haredim with an unprecedented opportunity to succeed,” said Burshtein. “I’m happy that Mercantile’s collaboration in this endeavor will take new businesses forward. For me, this partnership constitutes social financing, in assisting toward the economic development of the haredi sector.

The fund, established by Achim Global President and visionary philanthropist Marc Schimmel, is setting a new standard for haredi entrepreneurs seeking a loan. Achim’s expertise in venture capital, coupled with its commitment to transparency, social responsibility and impact, ensures entrepreneurs have the requisite skills and finances to realize their vision. Entrepreneurs are guided throughout the process of formulating a business and financial plan and securing a bank loan and/or a loan from Achim or other angel investors. In addition to giving loans, Achim functions as a guarantor to the bank, securing the best terms. It also leverages state-sponsored loans.

Achim recently trained a group of e-commerce entrepreneurs, recruiting top dealers to teach them the tricks of the trade and serve as personal mentors. Achim also gave each a $15,000 line of credit to begin trading.

“It’s a brilliant model,” says Rabbi Motti Eichler, founder and chairman of Achim Global and its subsidiary human resources organization, Bereishit. “Every dollar is leveraged by the bank to $5 in loans given to the entrepreneur. The money repaid is then lent out again, to help another entrepreneur. That’s venture philanthropy, that’s impact investment.”

Read the source article at theyeshivaworld.com

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Marc Schimmel is the president of Achim Global.