RESNA logo, Technical Assistance Project Alternative Financing Technical Assistance Project
What's New
Hot topics
Current information


State AT Loan
Programs

Contact your state
program


Telework
Funding and resources

Loan Program Data
Lending statistics

Success Stories
Meet people and programs

Library
Resources for your state
loan program


Links
Connect with others

Sitemap

Feedback

AFTAP Home


Presentation on Credit Unions and Buying Cooperatives
By Michael Dalto, Presenter, Maryland Assistive Technology Guaranteed Loan Program
First Annual Alternative Financing Program Conference
December 1 - 2, 2000


Credit Union Advantages

Non-profit and member-driven
Willing to approve riskier loans
Offers lower interest rates, flexible terms
Generally more customer-friendly
Usually less bureaucratic

Maryland State Employees Credit Union (SECU)

Loan amounts - $500 - over $20,000
Loan terms - 1 - 7 years
Interest rates - 1 point below prime for guaranteed loans, bought down according to program's discretion. 1 point below prime for non-guaranteed, unsecured loans
Guarantee percentage - 100% first year, negotiating down to 50% for year 2
Guarantee with a hand shake - no deposits in SECU

SECU Membership

Open to:

State employees, retirees and their relatives
Students and alumni of 13 Maryland colleges and universities and their relatives
Staff and faculty of 6 community colleges and their relatives

Maryland AT Co-op

Created to provide AT price discounts for school systems and other agencies
Negotiated discounts on 249 products from 31 manufacturers
Average discount:32%
Saved member organizations $500,000 in first 18 months

AT Co-op and Maryland's AFP

Partnership to extend discounts to borrowers
Co-op offers lesser discounts to individuals
Pursuing grants to establish clearing houses to pool individual orders; offer same discounts as for groups

 


AFTAP/RESNA
1700 North Moore Street, Suite 1540
Arlington, VA 22209-1903
Phone: 703/524-6686  Fax: 703/524-6630  TTY: 703/524-6639
Email: info@resna.org  http://www.resnaprojects.org/AFTAP

This page was last updated: