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The first meeting of the Committee of The Koret Israel Economic Development Funds (KIEDF) was held on April 11, 1994 in Beersheva, Israel. The committee considered 4 applications and approved one $15,000 loan.

KIEDF has approved over 9,118 loans and leveraged over $194 Million of financing to every conceivable type of small and micro business from Metula to Eilat.

The challenge was to demonstrate how philanthropy could be deployed efficiently into the private sector to spur economic development and create jobs for recent immigrants and veteran Israelis alike. Despite impediments initially erected by entrenched institutional interests, KIEDF has managed to far exceed the original expectations of its founder, the Koret Foundation of San Francisco, and loyal supporters that have followed.

What began as a small experiment has become the dominant private sector small business program in Israel, and a dynamic financial services platform that develops and operates with various partners innovative programs - models for market-based solutions to stimulate economic growth.

We believe that over 180,000 Israelis - business entrepreneurs, employees and their families - that have had the opportunity to gain some modicum of economic freedom and respect with a little help from KIEDF would agree that the initiative has been beneficial.

It is a universal axiom that small business is the primary engine of economic growth. For many years, limited financing options, stringent bank credit policies and ineffective government programs have inhibited small business expansion in Israel. While KIEDF continues to innovate, we also have begun more formally to advocate reforms necessary to make the engine run more effectively.

We believe that substantially more philanthropic resources in and for Israel need to be dedicated to economic development to help people help them-selves and build a strong and competitive private sector.

How KIEDF has managed to achieve much with minimal resources, and our goals going forward, are described in the following pages. We invite you to join us as a supporter or partner to help us realize the vision of the next decade.

KIEDF Overview - March 2013  
       
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