No. STATE YR IN OP. LOAN MODEL STATE LENDING INSTITUTION ENTITIES STATE AND LENDING INSTITUTION CONTACTS (State/L. I.) WHO ADMINISTERS THE CASH LOAN PROGRAM OTHER PARTICIPATING ENTITIES & CONTACTS STATE STATE GUARANTEE FUNDING BASE GUARANTEE AMOUNT††† AND SOURCE CASH LOAN PAYMENT TERMS†††††††††††††† (INTEREST RATES) PERSONAL FINANCIAL CRITERIA LOAN AMOUNT RANGES STATE AVERAGE NO. OF APPLICATIONS RECV'D PER YEAR AVERAGE NO. OF APPLICATIONS APRV'D PER YEAR AVERAGE % OF LOANS APPRV'D PER YEAR TOTAL DOLLAR AMOUNT IN OUTSTAND LOANS TOTAL NUMBER OF OUTSTANDING LOANS LOAN PROGRAM DELINQ. RATIO (AVERAGE / YEAR) LOAN PROGRAM CHRG OFF RATIO (AVERAGE / YEAR) STATE WHO IS ELIGIBLE CONSUMER INVOLVEMENT IN PROGRAM OPER. DEVICES OR SERVICES NOT COVERED MIDDLE OR LOW INCOME SERVED ADDITIONAL STATISTICS STATE TREAT AFFLUENT INDIVIDUALS WITH DISABILITIES DIFFERENTLY IMPORTANCE OF PHYSICAL PRESENCE OF LENDING INSTITUTION IN STATE IMPACT OF DISTRIBUTION OF BRANCHES OF LENDING INSTITUTIONS AROUND STATE WHAT IS THE MINIMUM NUMBER OF BRANCHES OF L. I.'S AROUND THE STATE STATE FOR INITIAL CONTACT TO L. I.'S, WHO SHOULD BE APPROACHED?CEO, CRA MGR., HEAD OF RETAIL LENDING FOR INITIAL CONTACT TO L. I.'S, SHOULD YOU CALL FOR WRITE FIRST?
1 Alabama 97 Loan Guarantee SouthTrust Bank††††††††††††††††††† and the Southern Disability Foundation Tom Gannaway (334) 613-3479 Jane Gaston (205) 254-5125 Southern Disability Foundation, Inc. (Non-Profit Organization) Board of Non-Profit Organization (42 Consumer Advocates) Alabama $75,000 of Tech Act dollars and private donations 100% guarantee with 7% of outstanding loans set aside Bank Base Rate plus 1% to 3% determined by loan amount 50% Debt to Income Ratio $500 to $10,000 Alabama 19 12 63% $27,000 thru 6/97 with a $5,000 average loan 12 0 0 Alabama Individuals/†† Families Yes None Yes Arrangement with Bank allows a 15:1 leveraging of funds.Bank is very involved in the program & cooperative Alabama No policy.No affluent residents with disabilities have applied Yes.1/2 of applications a picked up at a local Bank Very important in Alabama since many residents are comfortable using their local Bank The more the better Alabama They approached the Marketing and Public Relations Director They called all lending institutions first, then sent each a letter, then called to follow up
2 Alaska 95 Loan Guarantee and Interest Buy Down North Rim Bank,†††††††††††††† State Tech Project,†††††††††††††††† and Credit Unions Mike Shiffer (907)269-3569††††††† Sue Lymon (no number at Bank)†††† Assistive Technology of Alaska and the Bank Not yet Alaska $210,000 Tech Act dollars 90% Bank Rate minus the Prime Rate Individual must qualify for a consumer loan with help of the interest buy down $0 to $6,500 Alaska 0 0 0% 0.Alaska doesn't have a cash loan program ongoing 0 0 0 Alaska Individuals No For vehicles, must show 90 days steady employment No Tech projects don't know enough about loan funds to be effective. Loan fund shouldn't be implemented without a strong consumer training program Alaska No Yes, Alaska is very much concerned with doing business with Alaska, and resents outside influence Unknown Unknown Alaska CEO first, then Head of Retail Lending Depends upon how much "horsepower" we can put into the initial letter of introduction
3 Arizona 97 Traditional Arizona Bank††††††† †††††††††††††††††††and State Tech Project Daniel Davidson (520) 523-7035Mike Harrold (520) 620-3302 Arizona Bank with the assistance of AzTAP Technology Access Center of Tucson (TACT) Arizona Private bank monies only Bank underwrites Prime rate or above Same Criteria As with Any Other Loan $500 to $5,000 Arizona 1 0 0% $0 0 N/A N/A Arizona Individuals Yes-Paula Feeney, TACT None Middle if they meet Bank requirements.Low, no None Arizona Not sure because program is too new Yes, if they would be accessible to state citizens It would provide greater and easier access to people throughout the state Not sure Arizona CRA Manager Call first
4 Arkansas 97 Revolving No Bank, AR Dept. of Rehab Services & the Tech Equipment Loan Howard Harper (501) 666-6686†††† No Bank contact AR Rehab Services-ARS.Board of direc. makes loan recommendations ARS only Arkansas $415,000 Total†††††††††† $40,000 Tech Act dollars,†† and $375,000 state appr†† 100% 5%, 5 year maximum term They have their own loan applications and legal documents $250 to $10,000 Arkansas Program just starting, therefore no data yet Program just starting, therefore no data yet Program just starting, therefore no data yet $30,000 10 0 0 Arkansas Individuals/Families/ Businesses Nine members on board, majority are indiv. with a disability Vehicles and depending on the assisitive componet, PC's. Yes 68% need AT devices that they donít have, 69% are unable to pay for the equipment, and 68% paid for AT mainly thru personal funds. Arkansas No, make loans to all citizens of AR who have discretionary income avaliable to repay loan No Data No Data No Data Arkansas No Data No Data
5 Connecticut 94 Revolving Peopleís Bank,†††††††††††††††† State VR Office,†††††††††††††††††††† and Social Services John Ficarro (860) 298-9590†† Betty Ann Pjura 203 338-4252 People's Bank State of Connecticut Bonding Commission Connecticut $2.2 million federal, state, private bank 100% 2% up to Prime for standard applicants.1% above Prime for median income Means Test, and†††††††††††††††† 50% Debt to Income Ratio $200 to $20,000 and up Connecticut 120 75 63% $453,126 80 4 1 Connecticut Individuals Yes-initial regulations, loan process revs, and Bank rejection appeals No vehicle repairs Yes Bank sees this as a community service, and their fees for servicing loans are kept to a break-even point. They don't see this as a profit center Connecticut If above median income-1% over prime with Bank funds.Others apply thru the AT loan program Very important since consumers do banking in their markets, & Bank relationship has expanded Very important since residents are comfortable using their local Bank Depending on size of state Connecticut CRA Manager Send letter then follow up with telephone call
6 Hawaii 94 Loan Guarantee and Interest Buy Down American Sav. Bank,††† Centers/ Indep. Living,†††††††††† and Tech Act Barbara Fischlowitz-Leong (800) 645-3007 Anna Marie Springer (808) 539-7126 (Bank) American Savings Bank but HATTS administers the program Hawaii Assistive Tech Testing and Services (HATTS) Hawaii $300,000 Tech Act dollars guarantee and Privatebank monies Tech Act monies invested with Bank, no stated guarantee rate 1% to 1 Ĺ% below Bankís Normal Rates- around 8% up to 7 yrs. Good Payment Record for 12 months $500 to $30,000 Hawaii 15 to 20 3 to 4 20% $100,000 15 with 1 paid in full 0 0 Hawaii Individuals/††† Groups No Also includes vehicle & equipment repairs Yes None Hawaii No Yes.Residents prefer to use their local banks Very important because of the personal relationships between residents and their local banks N/A Hawaii CRA.Held breakfasts for CRA's with 3 or 4 key potential consumers present N/A
7 Idaho 94 Loan Guarantee for identified applicants First Security Bank,†††††††††††††† and Tech Project Loan Coordinator Gabrielle Enfield 208-885-3559†† Carlas Brown 208-393-4424 Idaho Assistive Technology Project Idaho Community Foundation Idaho $190,000 Tech Act dollars, Bank underwrites non-guarantee portion Guarantee exits but percentage not available at this time 1% above Prime with account at Bank, auto. withdraw up to 60 mos Basic financial criteria.Debt to credit ratio and credit history $0 and up to $10,000 Idaho 29 21 72% $144,918 46 N/A 2% Idaho Individuals/†† Families--anyone with disability Idaho Assistive Technology Consumer Board Vehicles Yes If applicant does not meet FSB criteria when applying, then they may request a guarantee Idaho No Yes, preferably a very large presence so they are accessible to consumers throughout the state Bank has a branch in vertually every community allowing consumers to use a local bank to receive their loan N/A Idaho CRA Manager Send letter then follow up with telephone call
8 Illinois 93 Interest Buy Downby Treasurerís Office State Treasurer's Office,First of America--lead bank but many banks statewide Patrick Murray (312) 814-1700 First of America (Lead Bank) State Treasurer's Office Many Banks around the State Illinois Treasurerís Office pays individual banks for each loan Bank underwrites 200 basis pts below Bloomburg Treasury benchmark up to 3 yrs.(~7%) Verifiable Income $500 to $30,000 Illinois 50 No Data No Data $100,000 on deposits in Lending Institutions No Data 0 0 Illinois Individuals/Families/ Businesses No None Yes None Illinois No.Everyone treated the same.No income criteria Yes.Residents prefer to use their local banks Very important because of the personal relationships between residents and their local banks No Data Illinois CRA and someone on the Board Mailing to President requesting a personal visit
9 Kansas 94 Traditional NationsBank Mary Ellen O'Brien (913) 233-4550†††† Kaye Graham (785) 295-3488 NationsBank N/A Kansas Private Bank monies only Bank underwrites 10% below current Bank Guarantee Rate:††††††††††††††† 8.25% -0.82% = 7.43% 50% Debt to Income Ratio $0 up to no maximum Kansas No Data No Data No Data No Data No Data No Data No Data Kansas Individuals No None No Data None Kansas No Data No Data No Data No Data Kansas No Data No Data
10 Kentucky 98 Est. N/A N/A Chase Forester (502) 327-0022 N/A N/A Kentucky N/A N/A N/A N/A N/A Kentucky 0 0 0% $0 0 0 0 Kentucky N/A N/A N/A N/A N/A Kentucky N/A N/A N/A N/A Kentucky N/A N/A
11 Maine 89 Revolving Alpha One & Finance Authority of Maine Dennis Pratt (800) 640-7200†† Steven Tremblay--Pres. Alpha One (207) 623-1115 Alpha One,†††††††††††††††††††† and Finance Authority of Maine Adaptive Equipment Loan Fund Board Maine $6,500,000 Bond Referendum 100% internal 0% to Prime††††††††††††††††††††††††††††† 6 mos. to 20 yrs. Verifiable Income $150 to $50,000, and Businesses up to $100,000 Maine 135 130 96% $5,613,524 445 No Data 2 per year--or 21 since 1989--with a total of $32,495 Maine Individuals/††††††† Businesses Majority of Loan Board members are people with disabilities None Yes Consumer directed Alpha One co-administers the program, provides information to consumers, distributes and processes loan applications Maine Terms and interest rate vary depending on the ability to pay--but never exceeds Boston Prime If a partnership, an admin. partner can have strong presence in the state while source of funds may be elsewhere. Easy application process is key to marketing the program- It is important to have the right number of convenient locations for people to access applications and information Strategically plan this based on the demographics and population of the state Maine CEO or President Call first
12 Maryland 96 Traditional First Maryland Bancorp Mike Dalto (800) 832-4827††††††††† Mr Chris Devaney 410 545-2122 First Maryland Bancorp MCIL - Resources for Independent Living, MD Tech Assis Program Maryland Private Bank monies only Bank underwrites 2% below current market rate, + 1/2% discount with existing account.1 to 6 yrs. Standard financial criteria & credit history.Co-signers allowed.Bank flexible $1,000 to over $20,000 (no fixed upper range) Maryland 15 6 40% $106,000 of a total loan base of $500,000 6 0 0 Maryland Individuals/†† Families MCIL - Resources for Independent Living None Yes, provided they meet income and credit criteria MD TAP persuaded Bank to consider income from Plans for Achieving Self Suppt (PASS), Blind Wrk Exp (BWE) and Impair Related Wrk Expen (IRWE) when determining income eligibility Maryland Only in so far as higher incomes & good credit histories enhance chances of loan approvals Probably - we received highest degree of interest from a Maryland-based Bank In Maryland, the impact is insignificant, as all loans are processed centrally, at this point N/A Maryland I recommend developing a contact with a social conscience, whether with a CEO, Executive VP or Senior VP--not CRA Call first, given a solid contact
No. STATE (continued) YR IN OP. LOAN MODEL STATE LENDING INSTITUTION ENTITIES STATE AND LENDING INSTITUTION CONTACTS (State/L. I.) WHO ADMINISTERS THE CASH LOAN PROGRAM OTHER PARTICIPATING ENTITIES & CONTACTS STATE (continued) STATE GUARANTEE FUNDING BASE GUARANTEE AMOUNT††† AND SOURCE CASH LOAN PAYMENT TERMS†††††††††††††† (INTEREST RATES) PERSONAL FINANCIAL CRITERIA LOAN AMOUNT RANGES STATE (continued) AVERAGE NO. OF APPLICATIONS RECV'D PER YEAR AVERAGE NO. OF APPLICATIONS APRV'D PER YEAR AVERAGE % OF LOANS APPRV'D PER YEAR TOTAL DOLLAR AMOUNT IN OUTSTAND LOANS TOTAL NUMBER OF OUTSTANDING LOANS LOAN PROGRAM DELINQ. RATIO (AVERAGE / YEAR) LOAN PROGRAM CHRG OFF RATIO (AVERAGE / YEAR) STATE (continued) WHO IS ELIGIBLE CONSUMER INVOLVEMENT IN PROGRAM OPER. DEVICES OR SERVICES NOT COVERED MIDDLE OR LOW INCOME SERVED ADDITIONAL STATISTICS STATE (continued) TREAT AFFLUENT INDIVIDUALS WITH DISABILITIES DIFFERENTLY IMPORTANCE OF PHYSICAL PRESENCE OF LENDING INSTITUTION IN STATE IMPACT OF DISTRIBUTION OF BRANCHES OF LENDING INSTITUTIONS AROUND STATE WHAT IS THE MINIMUM NUMBER OF BRANCHES OF L. I.'S AROUND THE STATE STATE (continued) FOR INITIAL CONTACT TO L. I.'S, WHO SHOULD BE APPROACHED?CEO, CRA MGR., HEAD OF RETAIL LENDING FOR INITIAL CONTACT TO L. I.'S, SHOULD YOU CALL FOR WRITE FIRST?
13 Missouri 96 Traditional NationsBank David Baker (816) 373-5193†††† Scott Berghaus (816) 979-6646 NationsBank None Missouri Private Bank monies only Bank underwrites Prime Rate + 2%, Uses 50% Debt to Income Ratio Up to 50% Debt to Income Ratio, Credit History, Current Income $0 up to no maximum up to 60 months Missouri 12 maximum 4 maximum 33% N/A N/A 0 0 Missouri Individuals/†† Families No None Yes None Missouri Yes.There are upper income limits on the program. No--from an operational standpoint.Yes-- from an image and psychological standpoint. No data since pilot program is only in the Kansas City area The more branches the better, however as banks become more computerized, the issue is moot Missouri CRA Manager Write First, Then Call
14 Nevada 91 Loan Guarantee Bank America,††††††††††††††††††††† State VR Office,†††††††††††††††††††† and Non Profit entity Susan Lucia (702) 259-3894††††† Jim Rathkey (602) 594-5863 Bank America State Office Com Based Services, Consumer Committee, AT Center Nevada $160,000 non profit monies†††††††††††† $160,000 bank match 100% Prime Rate for up to 5 yrs 60% Debt to Income Ratio, No Means Test, Can't Qualify for Regular Loan $500 to $5,000 Nevada 35 18 51% $151,693 43 3 total since 1991, 1 to be paid off, 2 to be remediated 0 Nevada Individuals Committee reviews all policies & procedure, & makes decisions None Yes Loan recipients provide 1 monthly & 6 month follow-up to be integrated into program reports & policy changes annually Nevada No, regardless of income, consumers are a candidate for NV loan program Yes, consumers are able to sign their loan documents at local branches statewide Consumers can have the branch individuals come to their home with the loan paperwork if necessary Cannot suggest minimum, however recommends sufficient branches for a reasonable drive Nevada CRA Manager Write First, Then Call
15 New Hampshire 92 Loan Guarantee Bank of New Hampshire,†††††††††††††† State Tech Act project Marion Pawlek (603) 224-0630††† Bill Ouellette (603) 695-3096 Bank of New Hampshire The New Hampshire Alliance for Assistive Technology, a non-profit New Hampshire $65,000 Tech Act dollars 60% reduced from 100% over past 4 years 1 Ĺ% for up to 5 yrs. None $250 to $5,000 New Hampshire 50 40 80% $150,000 62 0 0 New Hampshire Individuals Advisory Committee, but not involved in daily activity of the program No vehicle purchase or repairs Yes None New Hampshire No We have had the best luck with a local New Hampshire bank We have a bank with 40 branches throughout the state which provides convienient accessibility to the program It depends on the state New Hampshire All three, with the Head of Retail Lending being the best likelihood of contact Write First, Then Call
16 North Carolina 92 Loan Guarantee Nations Bank,†††††††††††††††††††††† Non-Profit entity Lawrence Bauer (704) 537-0550Mr. Chris Joyner (704) 388-8332 NationsBank None North Carolina $220,000 grant to non-profit 100% Prime Rate plus 1% for up to 4 yrs. 50% Debt to Income Ratio $500 to $15,000 North Carolina 55 25 45% $353,000 91 No Data 1 North Carolina Individuals With their membership on the Consumer Loan Board None Yes We find that consumers who live in outlying & rural areas are pleased to know they can go to their local NationsBank branch & don't have to travel to a large city North Carolina No We have a good relationship with NationsBank, probably because of their presence in our neighborhood Very important No Data North Carolina No Data No Data
17 Ohio 96 Traditional Fifth 3rd Bank of Columbus,†††††††† Trained Board members, Tech Project staff Marie Kahl 614-292-2426†††††††††† Kelli Ferguson 614-855-2212 Fifth Third Bank of Columbus No Ohio $100,000 Tech Act dollars with $40,000 Bank match 100% 5.5% Rate with terms determined individually by Bank Credit check, ability to pay back the loan $1,000 to $10,000 Ohio 66 33 50% $191,240 54 0 0 Ohio Any person with a disability in the state of Ohio No Vehicles Yes As of Aug. 28, we were able to put $22,000 back into the loan program from paid back loans Ohio No Yes We can serve rural and underserved populations with Branches all over the state No Data Ohio Head of Retail Lending, Not CEO or CRA Manager Write letter first, then follow up with call
18 Oklahoma 96 Traditional Stillwater National Bank††††††††††† and Trust Milissa Goforth (405) 744-9863††† Sean Fuller (800) 727-2230 Stillwater National Bank No Oklahoma Private bank monies only Bank underwrites 8.5% Fixed for up to 5 yrs. Based on loan amount to income & may not include outstanding medical bills No set range at this time Oklahoma 5 5 100% $25,203 5 40% N/A Oklahoma Individuals/†† Families No None Yes Currently interest rate is a fixed rate at 8.5%. Oklahoma No Yes There are only 5 Branches of SNB in the state.It would be helpful to have more branches across the state The more the better Oklahoma Head of Retail Lending, and the CRA Manager Write letter first, then follow up with call
19 Pennsylvania 98 Est. N/A N/A Amy Goldman (215) 204-3862 N/A N/A Pennsylvania N/A N/A N/A N/A N/A Pennsylvania 0 0 0% $0 0 0 0 Pennsylvania N/A N/A N/A N/A N/A Pennsylvania N/A N/A N/A N/A Pennsylvania N/A N/A
20 Rhode Island N/A N/A N/A Joe Farrell (401) 421-7005 N/A N/A Rhode Island N/A N/A N/A N/A N/A Rhode Island 0 0 0% $0 0 0 0 Rhode Island N/A N/A N/A N/A N/A Rhode Island N/A N/A N/A N/A Rhode Island N/A N/A
21 Utah 94 Loan Guarantee and Interest Buy Down 1st Security Bnk Utah,†††††††† Non Profit Foundation, State Tech Act Project Daryl McCarthy (801) 278-7653 Richard Baese (801) 246-1353 First Security Bank,†††††† and Utah AT Foundation None Utah $500,000 bank monies for loans $160,000 foundation monies for buy downs none Signature loans at Prime Rate. Buy Down to 6 1/2% up to 5 yrs. None $100 to $26,000 Utah 100 15 15% $335,000 80 No data available since Bank handles 1 Utah Individuals/†† Families On the Governing Board None Yes No Utah No Yes Yes, there are branches distributed all throughout the State of Utah There are branches distributed all throughout the State of Utah Utah No Data No Data
22 Vermont 91 Revolving Vermont Development Credit Union,†††††††††††††††††††††††††††††††††††† and Vermont AT Project Lynn Cleveland (802) 241-2672 Jay Strauss 802 865-3404 Vermont Credit Union,†† and the State Consumer Board Reviews Loans and Meets Monthly Vermont $500,000 Tech Act and State dollars 100% 7 Ĺ% to 9 Ĺ% No Means Test, Must be Able to Pay $500 minimum Vermont 50 35 70% $280,000 54 2.20 0 Vermont Individuals/†††††††† Non-Profits 4 of 5 Board members (or family member) are consumers w/ disablty None Yes None Vermont No Yes, Bank already had understanding how to reach & interact with many of their potential consumers Their institution has only one office, so they made sure they included outreach/ travel reimbursement in their contract N/A Vermont CEO, stressing their community reinvestment act obligations Write first
23 Virginia 97 Loan Guarantee and Interest Buy Down Central Fidelity Bank††††††††† †††and VA. A T Loan Financing Authority Michael Scione (804) 662-9997 Matt Doyle (804) 576-6064 AT Loan Fund Authority N/A Virginia $500,000 state appropriation 100% proposed In development Stability, credit history, current credit practices, income, debt level $1,000, No max. for non-guaranteed loans, $10,000 for guaranteed loans. Virginia 0 0 0% $0 0 0 0 Virginia Individuals Yes - majority of Board or their children have a disability None Yes None Virginia No.However, affluent applicants generally will not be able to get a guaranteed loan Yes Distribution of branches impacts ease of closing for the borrower Most of these loans can be made by mail and by fax Virginia CEO for large Banks, CRA for smaller Banks No Data
24 Washington 98 Est. N/A N/A Dagmar Amtmann 206 543-4741 N/A N/A Washington N/A N/A N/A N/A N/A Washington 0 0 0% $0 0 0 0 Washington N/A N/A N/A N/A N/A Washington N/A N/A N/A N/A Washington N/A N/A
25 West Virginia 98 Est. N/A N/A Jack Stuart (304) 293-4692 N/A N/A West Virginia N/A N/A N/A N/A N/A West Virginia 0 0 0% $0 0 0 0 West Virginia N/A N/A N/A N/A N/A West Virginia N/A N/A N/A N/A West Virginia N/A N/A