- Published: Thursday, May 19, 2016 04:24 PM
Legislation that would help veterans become business owners was passed out of the Illinois Senate Thursday.
The measure, Senate Bill 324, would create a program at the Illinois Finance Authority that would allow veterans to apply and receive a business loan. The program would be similar to agribusiness and farming programs administered by the state treasurer.
State Senator Bill Haine (D-Alton), who is the chief co-sponsor of the measure, said that this initiative would help veterans to receive start-up capital they need to start their own businesses.
“This legislation would create a great program to help those who have served our country. There are so many veterans out there who face adversity when they return from service,” Haine said. “These are people who have great leadership skills, yet lack the resources to funnel those skills into a career that works for them. This measure would provide that avenue. I am happy to be a sponsor of this initiative, and I am happy be able to give back to the veteran community.”
Today, less than 7 percent of returning veterans own their own businesses.
Nearly 550 service members transition from military to civilian life each day, and an estimated 1 million veterans will settle into communities across our country within the next three to five years. This plan would help veterans readjust.
The measure was introduced by Senator Bertino-Tarrant (D-Shorewood). It passed the Senate on Thursday and will now go to the House for consideration.