[COMMUNICATED CONTENT]

Cross River Bank to administer loan!

It started with a desperate need, gathered steam with an energetic fundraising�campaign and exploded onto the scene with a historic and innovative�initiative.�When Orlando Torah Academy (OTA) was given three months to buy the�building in which they currently rent space or face eviction from�a�potential�buyer, all of the conventional steps were taken to raise the $1.8 million�necessary to purchase the building.�Traditional fundraising techniques,�however, were producing traditional fundraising results � encouraging, but�far from enough; a trickle of generous donations, but nothing close to the�amount that was needed.

Enter Mr. Ira Zlotowitz, founder and President of Eastern Union Funding,�with a bold and creative idea � crowd “lending.” Instead of crowd �funding�,�where many people donate to one cause, his bold and creative idea was to�implement crowd �lending�, which would allow tens, hundreds or thousands�of people to combine small loan amounts to reach the total amount needed.

In OTA’s case, each lender can choose to lend from $1,200 to $40,000. They�can also choose for their loan to be paid over a range of time, from 3 � 10�years, on a quarterly basis. Each lender�who pledges to lend $40,000 on a 10�year schedule earns the distinction of being an Ambassador in this noble�cause.�Donations of any amount are of course appreciated.

The campaign has been dubbed “40 for 40.” The name makes reference to the�fact that at the time the idea was formed; $1.6mm was still needed and 40�Ambassadors lending $40,000 each would cover the full amount.

To protect all the lenders, the loans will be merged into one loan under a�legal LLC formed expressly for this purpose. The legal documents will be�prepared pro bono by Jeffrey Zwick, a prominent real estate attorney. The�loan will be administered and serviced pro bono by Cross River Bank.

When this bold new initiative hit the various media outlets of the Jewish�world, the trickle of the preceding few months turned into a flood. Incredibly,�in the short span of two weeks, 16 visionaries from across the United States�became Ambassadors and�smaller loan commitments and donations came�pouring in.

As the numbers climbed, so did interest and anticipation.�News of each�additional Ambassador was met with thrilling excitement � could it be? Was�the dream becoming a reality? Everyone was constantly�checking the�campaign�s website�to monitor the progress. This past Friday, right before�Shabbos, a magic number was reached; the campaign had reached the heady�strata of seven digits; one million dollars was eclipsed!! �Additionally,�25% of the $1m+ total are from individuals who preferred to�donate money instead of lending.

So many pieces are in place. What started as just crowd lending has�morphed into a full crowd funding and lending campaign. OTA is now less�than $750,000 away from saving their building and providing�the students�with a quality education in a permanent home.�OTA�has until March 15th; just�about a month away. We can do it!�You�can do it! With�Klal Yisrael�s help�we have gotten farther than any of us could have dreamed and with�Klal�Yisrael�s help we can get all the way to the finish line! Join us as a lender,�Ambassador or donor today by�clicking HERE!