Many people join the ready reserve for the educational benefits, or for the ability to be a reservist. Well in recent years there has been a lot of activation, if you serve in a reserve unit in the United States, there is a very good chance that you have been activated. And when you are activated and head off for deployment, you have to immediately change gears. If you have a job, you are guaranteed to have a job when you come back. But what if you have a small business? Some people that own small businesses are caught, and do not know what to do, or how to deal with the situation. But there is a program that is available specifically for those people whom own small businesses and who are facing deployment.
It is called the Military Reservist Economic Injury Disaster Loan program, or MREIDL for short. It is a special program that was written and drafted by Congress and put into place by Congress and the President to aid and support reservists that are facing deployment. Sometimes the small business owners in the United States are some of the hardest hit when the owner, or key employees are called away to deployment, The MREIDL program was written to help with that issue. It is a program, which creates a fund to help out financially, to help support the reservist small business owner and to help supply funding for necessary business functions that may lack resources while the reservist is away on deployment. It is a special loan program for funding necessary business expenses and working capital, for short-term assistance to help the continued success of businesses that face losing the owner to overseas deployment or TAD.
The MDEIDL program can be applied for the first day that the business owner or Servicemember involved is called to active duty or deployment. The first day of the application loan period is the same as the first day of deployment or active duty. The end of the time for applying for a loan runs for the length of the deployment, until ninety days after the Servicemember is separated. Up to ninety days after separation, the Servicemember can still apply for a MDEIDL program loan or funding. This is a program administered by the Small Business Administration, and the loans are designed to be supportive rather than replace totally other forms of credit.