Serving in the military allows an enlisted Servicemember to be able to give service to their country in addition to receiving a variety of different financial and education benefits. In may cases there have been people that have been in the Reserves for a number of years, back before the reserves became one of the main sources of manpower. This was back when we were not at war, or during the peaceful years when Reservists were not actively mobilized overseas. Reservists often have key businesses that suffer a loss when they are called up to military service and helping to make sure that their businesses.
The Defense Department worked with the Department of Labor to create a program to support the efforts of Servicemembers, in particular those with small businesses. It is called the Military Reserve Economic Injury Disaster loan program. It is a specific program that helps out reservists that are hit financially hard by the mobilization of a key employee or owner. Sometimes a small business can be extremely hard hit when a member of their staff is called to active duty, and this is a program that specifically helps out in these situations.
The very first day that the Reservist is called to active duty the eligibility of the loan program begins, and it runs until 90 days after the Reservist is separated from Active Duty. The MREIDL program is one that has been successful to assist the hardest hit of Reservists that own small businesses. It is a program that is administered by the Small Business Administration in conjunction with the Department of Defense and Homeland Security. It is a program that created a fund to assist financially different businesses that have Reservists in key situations that require their presence. When they have to go serve on active duty the fund helps compensate the business or company and provides operating capital to help keep the business financially sound.
Are you interested in an exciting career in the Military? See if you qualify. Click Here Now!
It is not meant to serve as the only support, but as a means to aid the Servicemember with small business support. It is a primary type of benefit that many Veterans and Servicemembers qualify for and one that Congress and the President of the United States created to give special loan program support to fund short-term expenses for Servicemembers.
