Need money for your mortgage? Need seed capital for your new business? Uncle Sam wants to give it to ya!
But…there’s a catch. You’ll have to join the Army.
Under the Army’s new Army Advantage Fund program, which the Army began testing in February, those who enlist in the regular Army for up to five years can receive a maximum of $40,000 for a home or a business startup. Those who join the Army Reserve for the five-year period can receive a maximum of $20,000. The programs offers lower maximums to those who enlist for 3-4 years.
To receive the money, a recruit must successfully complete his/her term of service. If a recruit receives any other enlistment-related bonuses or incentive payments, the payment will be reduced by the amount of those payments. Only new recruits are eligible.
Thus far, 5 of the Army’s 38 recruiting battalions are participating. According to figures from the Army Recruiting Command in Fort Knox, Ky., the Advantage Fund program has attracted 94 regular Army recruits who opted for mortgage money, 5 who opted for the business startup funds and 4 Army reserve recruits, all of whom opted for the mortgage money.
If you’re wondering whether this is a good deal, consider that in 2007 the active-duty Army paid an average enlistment bonus of $16,500. Oh, and that you’d receive the money only after your service is completed.
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