KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar BluffMilitary loan program expanding in Illinois
Member Center:
Associated Press - November 9, 2009 12:44 PM ET
CHICAGO (AP) - A state-run loan program is expanding to help Illinois service members when their deployments end.
State Treasurer Alexi Giannoulias announced Monday that Illinois National Guard and U.S. Military Reserve members now will be eligible for low-interest loans of up to $10,000 when they return home.
The loans through his office's Citizen Soldier Program had previously only been available to service members on active duty.
The state deposits money in financial institutions who make the loans at no more than 3 percent interest.
Giannoulias says the state's money isn't at risk if a borrower defaults. He says the loans help service members and their families "diffuse financial minefields."
A Chicago Democrat, Giannoulias is also a candidate for President Barack Obama's old Senate seat.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Comments Terms of Use: We welcome your participation in our community. Please keep your comments civil and on point. Notify us of any inappropriate comments by clicking the “Mark as Offensive” link. You must be at least 13 years of age to post comments. By submitting a comment, you agree to these
Terms of Service
You must be logged in to leave a comment. Login or register See all comments |
