Welcome Home Loans for troops extended

November 9, 2009 3:39:55 PM PST
The state treasurer is extending a program that offers financial help to Illinois troops returning home from duty.Alexi Giannoulias announced his office will partner with banks across the state to enhance the so-called "Welcome Home Loans."

They'll provide 2-year loans of up to $10,000 for Illinois National Guard and U.S. Military Reserve members within 6 months of their return home. Interest rates would be capped at 3-percent.

Giannoulias says this program extension will prevent troops from falling victim to high-interest loans and help them transition into civilian life.

"These loans can help them pay their bills on time --continue education, aquire new skills or put a downpaymentS on a home," said Alex Giannoulias, Illinois State treasurer.

Service members must receive an honorable discharge from duty to qualify for the loans.