Illinois Vets Get Boost In Starting Businesses

PLAINFIELD, IL — Illinois veterans who want to start their own businesses have it a bit easier now that State Senator Jennifer Bertino-Tarrant (D-Shorewood) helped pass legislation helping vets get business loans.

The Illinois Finance Authority last week released criteria for the program. Not only veterans, but minorities, women and the disabled can take advantage of this life changing loan.

A press release from the Illinois Senate Communications Staff focused on how veterans can benefit from the program.

“Our veterans come home with remarkable leadership skills and on-the-job training,” Bertino-Tarrant said, according to a press release. “This program will give our returning heroes an outlet to channel their entrepreneurship spirit to create new businesses and generate jobs in our own communities.”

Sen. Bertino-Tarrant worked with Lynn Lowder, a former Marine officer, to build the program. Lowder is an advocate for veterans becoming small business owners.

The press release cited Syracuse University, saying nearly half of WWII vets, and 40 percent of Korean War vets, have owned businesses. Now, that number stands at less than seven percent. This is due to a lack of resources, the press release said.

“Our veterans have made great sacrifices to serve our country,” Bertino-Tarrant said. “It’s our duty to empower them to channel the life skills and training they received in the field as they transition back to civilian life.”

Vets or others who use this program will have:

• risk mitigation for lenders without fees nor prepayment penalties
• lower blended interest rate
• improved access to capital
• a fixed-rate loan of up to five years

Bertino-Tarrant urges veterans visit www.il-fa.com to take advantage of this resource or contact her Plainfield office at (815) 254-4211 for more information, the press release said.

Article image Brian A Jackson via Shutterstock