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Military Loan Program Expanding In Illinois

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Nov 9, 2009 12:03 pm US/Central

Military Loan Program Expanding In Illinois

CHICAGO (AP) ―

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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.