|Alternative Financing Technical Assistance Project|
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Assistive Technology Financing Program
1. Eligibility, loan parameters, interest rate, and other program information are reviewed in detail with potential borrowers. If the caller seems interested, a Contact Sheet is completed to obtain initial information about the borrower, the individual with a disability (if different), the assistive technology needed, and whether a vendor has been identified and cost information obtained. If enough information is available and the caller requests it, we use the "BankCalc" web site to estimate monthly re-payment amount.
If indicated, information about other possible funding sources, vendors, and/or AT providers for assessments are given/mailed to the caller.
2. An application and detailed instructions are sent to the potential borrower.
3. When the application is returned, it is reviewed for completion. If there are specific needs for clarification or additional information, the applicant is contacted.
4. Once completed, the application is faxed to the lending institution's contact person for a credit check and determination of whether the loan guarantee will be requested.
5. Usually within two or three days, the lending institution responds as to whether the loan guarantee will be requested. If so, our contact person provides a summary of the reasons the guarantee is requested.
If a Board of Directors meeting is coming up within a week or so, applications for which the guarantee is requested are reviewed at that time. If not, the Executive Committee of the Board of Directors reviews the request for the guarantee and may approve it. If the amount of the loan is large (more than $5-$6,000) and/or the level of risk is high, the decision may be deferred to a full board meeting.
6. If the Board of Directors approves access to the guarantee, both the applicant and the lending institution are notified in writing. The letter to the borrower includes some instructions (attached).
7. If the loan guarantee is not required, the lending institution notifies the Pennsylvania Assistive Technology Foundation and processes the loan at the same interest rate and re-payment terms as apply to guaranteed loans. The borrower is then notified in writing that his/her loan is being processed as a traditional loan.
1700 North Moore Street, Suite 1540
Arlington, VA 22209-1903
Phone: 703/524-6686 Fax: 703/524-6630 TTY: 703/524-6639
Email: firstname.lastname@example.org http://www.resnaprojects.org/AFTAP