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ALTERNATIVE FINANCING PROGRAMS AT-A-GLANCE

PARTNERS

FUNDING

LOAN DESCRIPTION

Kansas

   

Lead Agency:

Assistive Technology for Kansans and the University of Kansas

Community-based Entity:

Kansas Assistive Technology Cooperative (KATCO)

Lending Institution:

Mid American Credit Union

Consumer Organizations:

Five Regional Assistive Technology Access Sites

 

Sources:

$742,576 - Federal grant

up to $7.6 million - Mid American Credit Union

$765,000 - Kansas University Center for Research

Available for Loans:

$1,670,038

Yearly Administrative Costs:

$146,824

Models:

Revolving loan - (KATCO)

Loan guarantee - Mid Atlantic Credit Union

Loan $ Range

$50 - $10,000

Interest Rate Charged to Borrower

5.5% - 9.9%

Duration of Loan

36 months, and possibly longer

Maryland

   

Lead Agency:

Maryland Technology Assistance Program

Community-based Entity:

Assistive Technology Guaranteed Loan Program

Lending Institutions:

State Employees Credit Union

Sun Trust

Allfirst Bank

Consumer Organizations:

Maryland AT Co-Op

Benefits InfoSource

Maryland CILs

 

Sources:

$500,000 - Federal grant

$500,000 - State of Maryland

$500,000 - MD State Employees Credit Union

$53,400 - Title I

$28,400 - Maryland TAP

$5,600 - MD DRS

Available for Loans:

$726,966

Yearly Administrative Costs:

$87,400

Models:

Guaranteed loans - Credit Union and SunTrust.

Non-guaranteed loans - Credit Union and Allfirst.

Loan $ Range:

$500 - $20,000 +

Interest Rate Charged to Borrower

4 points below prime for guaranteed loans

Duration of Loan:

1 - 7 years

 

 

Missouri

   

Lead Agency:

Governor's Council on Disability

Community-based Entity:

Missouri Assistive Technology Council (MoAT)

Lending Institution:

Office of State Treasurer

Other financial institutions

Consumer Organizations:

Missouri Family Trust

21 CILS

11 DD Regional Advisory Councils (RAC)

 

Sources:

$550,000 - Federal grant

$500,000 - State of Missouri

$100,000 - State of Missouri (FY2002)

Available for Loans:

$950,000

Yearly Administrative Costs:

$150,000 year 1, $100,000 year 2

 

Models:

Revolving loan program - start-up

Loan guarantee - future expansion

 

Loan $ Range:

$500 - $10,000

Interest Rate Charged to Borrower

2% - 7%

Duration of Loan:

max 10 years

Pennsylvania

   

Lead Agency:

Temple University/UAP

Community-based Entity:

Pennsylvania Assistive Technology Foundation

Lending Institution:

First Union National Bank

Consumer Organizations:

Volunteer "application center" network - includes CILs, senior centers, disability organizations

Sources:

$500,000 - Federal grant

$500,000 - First Union National Bank

$300,000 - Commonwealth of Pennsylvania

Available for Loans:

$300,000

Yearly Administrative Costs:

$200,000 year 1

 

Models:

Revolving loan program - loans under $3,000

Loan guarantee program

Loan $ Range:

under $1,000 - $25,000

Interest Rate Charged to Borrower

First Union - prime

revolving loan - TBA

Duration of Loan:

varies by type of AT

 

 

 

 

Utah

   

Lead Agency:

Utah Assistive Technology Program

Community-based Entity:

Utah Assistive Technology Foundation

Lending Institution:

First Security Bank

 

 

 

Sources:

$500,000 Federal grant

$1,000,000 First Security Bank

$382,350 Utah AT

Available for Loans:

$1,000,000

Yearly Administrative Costs:

$104,000 year 1

$75,000 year 2 and beyond (at current program level).

Models:

Interest buy-down

Small grant program -- up to $3000

Modified vehicle interest buy-down -- up to $2,500.

Loan $ Range:

No set limit

Interest Rate Charged to Borrower

2%

Duration of Loan:

up to 60 months, may be negotiated to longer term

Virginia

   

Lead Agency:

Department of Rehabilitation Services, Virginia Assistive Technology System

Community-based Entity:

Assistive Technology Loan Fund Authority (ATLFA)

Lending Institution:

SunTrust Bank

Consumer Organizations:

Virginia State Independent Living Council - 16 CILs

 

Sources:

$1,000,000 - Federal funds

$1,300,000 - State of Virginia

Available for Loans:

$2,800,000

Yearly Administrative Costs:

$266,000 (includes $180,000 to pay for administrative fees for interest rate buy-down and to pay for Consumer Counseling)

 

Models:

Revolving loan fund

Guaranteed loan program

Interest rate buy-down

Non-guaranteed low interest loan

Loan $ Range:

No limits - interest rate buy-down

Up to $20,000 - guaranteed loans

Interest Rate Charged to Borrower

5.5% - guaranteed loans

4% less than Wall Street Journal Prime rate - guaranteed low interest loans

4.25% below current rates - non-guaranteed low-interest loans

Duration of Loan:

Up to 48 months - loans under $5,000

Up to 60 months - loans over $5,000

Up to 60 months - used vehicles

Up to 72 months - new vehicles

Up to 120 months - home equity loans

[Note: revolving loan program offered by ATLFA at 5.5% interest for loans up to $4,000. These direct loans are not part of the federal grant program.]

 

 

 

 

 

 

November 2000

Produced by RESNA/AFTAP, 1700 North Moore Street, Suite 1540, Arlington, VA 22209, 703/524-6686 (V), 703/524-6639 (TDD), 703/524-6630 (Fax),

http://www.resnaprojects.org/AFTAP

This publication is available in alternative formats.

The RESNA Alternative Financing Technical Assistance Project (AFTAP), Cooperative Agreement #H224C000200, is an activity funded by the National Institute on Disability and Rehabilitation Research (NIDRR), U.S. Department of Education (ED), under the Assistive Technology Act of 1998. The information caontained herein does not necessarily reflect the position or policy of NIDRR/ED or the Rehabilitation Engineering and Assistive Technology Society of North America (RESNA), and no official endorsement of the materials should be inferred.

 

 


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

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