Many Reservists that currently are serving in the United States Military joined as a method of service to their country, to access different types of educational and financial benefits. In a lot of cases the people who serve in the Reserves joined years ago when we were not at war, or during the peaceful years when Reservists were not actively mobilized overseas. Because of this, in their civilian lives they have built businesses, and participated in work that they become very key members of. Reservists often have key businesses that suffer a loss when they are called up to military service, and sometimes their small business can suffer. Because of this unfortunate loss and injury to the small businesses and companies that rely on the ability and contributions by Reservists there is a program that specifically helps out in these situations.
The program is called the Military Reserves Economic Injury Disaster Loan program, and it is available for Reservists to help out in situations that will be financially hard for their business. The MREIDL program is one that has been successful to assist the hardest hit of Reservists that own small businesses. This is not just for owners, but also for key employees that are called away to deployment. 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.
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. It is a program that is administered by the Small Business Administration in conjunction with the Department of Defense and Homeland Security, and it is designed to supplement and be supportive rather than replace other types and forms of credit.
Congress and the President of the United States created the special loan program to fund short-term expenses, and working capital for businesses where crucial members of their company are called onto TAD or extended active duty. It is a primary type of benefit that many Veterans and Servicemembers on Reserve Duty can take good advantage of it.