The Loan Committee was formed in May 1951 to provide financial assistance to immigrants setting up businesses and farms in Ontario. The committee had the authority to dispense loans up to $500, beyond which approval from the National Office of the Canadian Jewish Congress was required. The committee was composed of representatives from Jewish Family & Child Services, Jewish Immigrant Aid Services and Toronto Hebrew Free Loan. To be approved, it was required that no other avenue of financing be possible for the applicant. Loans were secured with the signatures of two guarantors, mortgages of chattel or property, and a promissory note. Repayment terms were flexible with a regular schedule agreed upon by the Committee and the applicant; all loans were interest-free. The actual administration and collection of loans was the responsibility of Toronto Hebrew Free Loan.
In 1959, after two years of discussion and negotiation, the Jewish Colonization Association and CJC combined financial resources to form the Canadian Jewish Loan Cassa, Toronto. Administration of the Loan Cassa was assigned to the UJRA Loan Committee, which reported to the two sponsoring agencies in Montreal. Eventually the Loan Cassa became an autonomous agency, and in 1985 it merged with Toronto Hebrew Re-Establishment Services and the Educational Loan programme, to form Toronto Jewish Free Loan Cassa, providing personal, business and student loans to community members in need.
Scope and Content
Sub-series contains correspondence, minutes, reports and notices of meetings of the Loan Committee. The records are arranged in chronological order.
This sub-series is an amalgamation of former RG 210E and files from RG 296.
Related records may be found in the minutes of Collections Committee, in sub-series 8 of the UJRA series. Case files of clients of the Loan Committee are in sub-series 11, Refugee case files.