Serving in the Armed Forces takes sacrifice, but it shouldn’t mean the end of your small business. That’s why the Treasurer’s Office offers economic hardship loans to active duty Reserve Forces (National Guard and Reserves) whose businesses may suffer during their deployments or training.

Employ Illinois loans provide low-interest access to capital to hire employees, make capital improvements or pursue other avenues that will lead to business survival.

The Treasurer’s Office is proud to offer Employ Illinois loans to service members of Illinois.

Please contact our office for more information about the loan possibilities for your business by e-mailing employillinois@treasurer.state.il.us or call (312) 814-8953.

Amounts and Terms:

• Borrowers can receive loans for up to $250,000.
• The below-market interest rate is available for two years with the possibilty of a
  three-year extension.
• The Treasurer's Office may require a site visit prior to approval.

Interest Rates:

• Interest rates are listed daily here or you may contact our office at (217) 782-2072. The listed rates are posted to give potential borrowers an indication of current rate figures. The final deposit rate is determined on the business day prior to issuing the loan.
• Lenders are allowed to mark up the loan by 3 percent.

Program Eligibility:

• The applicant must be either the owner or an essential employee of the business.
• The applicant must provide a copy of their state or federal activation orders, and the activation must be for at least 90 consecutive days.
• The applicant must show anticipated hardship expected as a result of their activation. Applicants can apply upon receiving their orders before any loss actually occurs or while they are activated.
• The applicant must provide a brief explanation as to why conventional loan financing is
  not adequate and why an Employ Illinois loan is necessary.

How to Apply:

1. Contact the Treasurer’s Office for an overview of the program.
2. Apply for a loan at a participating financial institution and agree to use the Employ Illinois program.
3. Complete the Reserve Forces loan application and forward your application package, including all required documentation, to the Treasurer’s Office.
   Often times, your financial institution will provide the application and forward it on your behalf.
4. Your financial institution must submit a completed application for deposit. Please contact the Treasurer's Office before completing this application. The contact information is listed on the application.
   
5. The Treasurer's Loan Committee will review your application for approval. The committee meets twice monthly.

If you have questions or need more information, e-mail employillinois@treasurer.state.il.us or
call (312) 814-8953.

Illinois Department of Veterans Affairs' Director Tammy Duckworth

Program History:

• The Treasurer’s Office began offering the Reserve Forces program in the fall of 2007 at the request of
  Veterans Affairs Director Tammy Duckworth.

"Many of our service men and women are being deployed a number of times and usually for an extensive length of time," Director Duckworth said. "This is difficult not only emotionally and physically, but financially, especially if the service member owns their own business. We need to help these service members and their families by making sure they have the opportunity to continue to run their businesses successfully. I applaud Treasurer Giannoulias for his efforts with this new program, providing low-interest loans to our service members."