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More Veterans Now Eligible For State-Backed Loans
The expansion of a state-run loan program aims to help military personnel returning home after active duty.

Illinois State Treasurer Alexi Giannoulias recently announced he is expanding the state's military loan program to include returning Illinois National Guard members and members of the U.S. Military Reserve.

The "Welcome Home Loans" are available in amounts up to $10,000 and their interest rates capped at three percent.

Giannoulias says the state must do more to help returning military members.

"I'm proposing changes to the state's Citizen Soldiers program, so members of the National Guard and U.S. Military reserve, are eligible to receive low-interest loans after returning from combat," Giannoulias said.

The loans would be backed by state dollars and are made through financial institutions to safeguard the state from losing money if a borrower defaults on loan payments.

The money would have to be repaid within two years and had only been available in the past to active duty members.

Giannoulias says most financial institutions in the state already take part in the program.

According to the treasurer's state web site, to date, the treasurer's office has funded a total of almost 400 Citizen Soldier loans for active duty military personnel totaling $3.5 million.

For more information on the program, CLICK HERE.
11 11 09 by Newsroom
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