Employers of Reservists Eligible to Apply for SBA Working Capital Loans
Small businesses that suffered economic losses when the owner or a key employee was called up to active duty are eligible to apply for a low interest loan of up to $2 million from the U.S. Small Business Administration. Small businesses can apply for a Military Reservist Economic Injury Disaster Loan (MREIDL) any time from the date of notice of expected call-up and ending one year after the date of discharge or release. The program was created to enable eligible small businesses to pay operating expenses it could have covered if the owner or key employee hadn't been called to active duty. "The absence of just one employee whose expertise is critical to the success of the company can pose significant challenges for a small business," said SBA Acting Administrator Jeanne Hulit.