Jewish Businesses in Michigan Receive $1,000,000 Gift

Hebrew Free Loan has announced that Jewish entrepreneur Marvin Danto has bequeathed $1 million for interest-free loans to Jewish-owned businesses in Southeastern Michigan.

These loans are available to young Jewish entrepreneurs just starting out, and the dollar amount available to each applicant can be as much as $100,000.

Danto died last week and gave $500,000 to Hebrew Free Loan. His foundation, the Marvin and Betty Danto Foundation of Troy, Michigan, donated another $500,000.

With this new donation, Hebrew Free Loan will now be able to offer larger loans under the Marvin I. Danto Small Business Loan Program.

Danto worked in the furniture and home interior business. He started up the Michigan Design Center in Troy and the 775,000 square-foot Design Center of the Americas in Dania Beach, Florida. Danto, a US Army captain in World War II, also ran the Danto Investment Co, which dealt with real estate investment.

His son, James Danto, said that his father was a hard-working, honest businessman who believed in supporting the community. “He was always very optimistic and felt we could do whatever we set our minds to doing,” James said.

Danto related to his family the gift of giving back to the community. He told the story of growing up in the Great Depression when money was tight. His immigrant parents needed a loan to pay bills. A person stepped forward to loan his parents $200.

That loan came from Hebrew Free Loan. That money, Danto said, saved his life and that of his family. Danto’s daughter, Joanne, said her father told that story over and over. Community sharing was a lesson he carried with him his entire life.

The Danto funds are designed to be a launch pad for aspiring entrepreneurs with innovative ideas to start up new businesses or expand an existing concern.

The idea is to jump-start ambition, said Joanne, who also is a member of the Hebrew Free Loan’s advisory board. “The spirit of the program is to create Jewish businesses and keep young people here,” she added.

Hebrew Free Loan has a business pedigree that goes back to 1895. It follows the European Jewish tradition of helping the local community. In 2011, the company made 350 loans for a total of $1,019,200. Most business loans are for about $25,000.

To be considered for a loan, the business must be at least 51 percent Jewish-owned. Each application will be weighed case-by-case. Applicants will be vetted by looking at business plans, cosigners and other indicators. A successful recipient will be assigned a business mentor from Hebrew Free Loan.