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ALTERNATIVE FINANCING PROGRAMS AT-A-GLANCE 2001-2002
| PARTNERS | FUNDING | LOAN DESCRIPTION |
| Arizona | ||
|
Lead Agency: Northern Arizona University Community-based Entity: Arizona Loans for Assistive Technology (AzLAT) Consortium Lending Institution: Arizona MultiBank Community Development Corporation Consumer Organizations: Arizona Independent Living Centers |
Sources: $150,000 Federal grant $ 50,000 State match Available for Loans: $116,000 Yearly Administrative Costs: $94,000 |
Models: Loan Guarantee Loan $ Range $500 - $3,000 Interest Rate Charged to Borrower Prime plus 3 Duration of Loan Up to 5 years |
| Arkansas | ||
|
Lead Agency: Arkansas Rehabilitation Services Community-based Entity: Arkansas Technology Equipment Loan Fund Committee Lending Institution: Arkansas Development Finance Authority Consumer Organizations: |
Sources: $1,200,000 Federal grant $ 400,000 State match Available for Loans: $1,480,230 Yearly Administrative Costs: $119,770 |
Models: Revolving Loan Fund Loan $ Range to be determined Interest Rate Charged to Borrower to be determined Duration of Loan to be determined |
| Florida | ||
|
Lead Agency: Vocational Rehabilitation Services Community-based Entity: Florida Alliance for Assistive Services and Technology (FAAST, Inc) Lending Institution: Consumer Organizations: 4 Regional demo Centers 14 CILs |
Sources: $630,000 Federal grant $210,000 State match Available for Loans: $740,000 Yearly Administrative Costs: $100,000 |
Models: Loan Guarantee Loan $ Range $500 - $20,000 Interest Rate Charged to Borrower Prime plus 3% Duration of Loan Up to 5 years |
| Illinois | ||
|
Lead Agency: Illinois Department of Human Services Community-based Entity: Illinois Assistive Technology Project Lending Institution: Town and Country Bank Consumer Organizations: 10 Centers across the state including * Statewide Independent Living Council * Illinois Network of Centers for Independent Living * Coalition of Citizens with Disabilities in Illinois |
Sources: $2,250,000 Federal grant $ 750,000 State match Available for Loans: $2,229,539 Yearly Administrative Costs: $132,661 |
Models: Loan guarantee Interest Buy-down Revolving Loan $ Range To be determined Interest Rate Charged to Borrower To be determined Duration of Loan To be determined |
| Kentucky | ||
|
Lead Agency: Kentucky Department of Vocational Rehabilitation Community-based Entity: Kentucky Assistive Technology Loan Corporation Lending Institution: Fifth Third Bank of Kentucky Kentucky Housing Corporation Consumer Organizations: 5 Independent Living Centers 6 Assistive Technology Resource Centers |
Sources: $1,050,000 Federal grant $ 350,000 State match Available for Loans: approx. $2,400,000 with bank share of guarantee and KY Housing Corp funds Yearly Administrative Costs: estimated $70,000 |
Models: Loan Guarantee Interest Buy-Down Loan $ Range $500 - $25,000 Interest Rate Charged to Borrower 6% on all device/services loans 4% on home mod loans Duration of Loan 6% loans - life of device, max 8 years on new vehicle 4% loans - Up to 5 years |
| Louisiana | ||
|
Lead Agency: Louisiana Department of Health and Hospitals Community-based Entity: Louisiana Assistive Technology Access Network (LATAN) Lending Institution: Union Planters Bank Consumer Organizations: Centers for Independent Living Councils on Aging Families Helping Families |
Sources: $1,500,000 Federal grant $ 500,000 State match Available for Loans: $1,600,000 Yearly Administrative Costs: $200,000 |
Models: Revolving and Loan Guarantee Loan $ Range $1,500 - $50,000 Interest Rate Charged to Borrower Prime plus 1% Prime plus 2% Duration of Loan Up to 10 years |
| Maryland | ||
|
Lead Agency: Maryland Technology Assistance Program Community-based Entity: Assistive Technology Guaranteed Loan Program Board Lending Institutions: Sun Trust State Employees Credit Union of Maryland, Inc, 1st Mariner Bank Other Partners: Maryland AT Co-Op Benefits InfoSource Maryland CILs |
Sources: $1,104,974 Federal grant $ 368,325 State match Available for Loans: $1,041,891 Yearly Administrative Costs: $60,683 |
Models: Guaranteed loans - Credit Union, SunTrust, and 1st Mariner. Non-guaranteed loans - Credit Union and SunTrust Loan $ Range: $500 - $30,000 Interest Rate Charged to Borrower 4 points below prime for guaranteed loans; 1 point below prime for most non-guaranteed Duration of Loan: 1 - 7 years |
| Michigan | ||
|
Lead Agency: Department of Career Development, Rehabilitation Services Community-based Entity: Michigan Disability Rights Coalition Lending Institution: Financial Health Credit Union Consumer Organizations: United Cerebral Palsy of Michigan |
Sources: $431,700 Federal grant $143,900 State match Available for Loans: $300,000 Yearly Administrative Costs: to be determined |
Models: Guaranteed Loan $ Range: Up to $20,000 Interest Rate Charged to Borrower varies Duration of Loan: useable life of device |
| Nevada | ||
|
Lead Agency: Department of Employment, Training and Rehabilitation Community-based Entity: Nevada Community Enrichment Program Lending Institution: Nevada State Bank Consumer Organizations: |
Sources: $902,612 Federal grant $800,000 State match Available for Loans: $3,200,000 Yearly Administrative Costs: $104,612 |
Models: Loan Guarantee Loan $ Range: $1,000 - $25,000 Interest Rate Charged to Borrower Prime Duration of Loan: 1 to 15 years |
| Oklahoma | ||
|
Lead Agency: Oklahoma ABLE Tech Community-based Entity: Oklahoma Assistive Technology Foundation Lending Institution: BancFirst Consumer Organizations: Centers for Independent Living |
Sources: $225,000 Federal grant $ 75,000 State match Available for Loans: $266,000 Yearly Administrative Costs: $34,000 |
Models: Loan Guarantee Loan $ Range: No min or max Interest Rate Charged to Borrower 2% points above CD rate Duration of Loan: up to 5 years |
| Pennsylvania | ||
|
Lead Agency: Pennsylvania's Initiative on Assistive Technology (PIAT) Community-based Entity: Pennsylvania's Assistive Technology Foundation Lending Institution: First Union National Bank Establishment of partnerships with ethnically-based lenders is a goal of this year's activities. Consumer Organizations: CILs and disability-related organizations |
Sources: $450,000 Federal grant $150,000 State match Available for Loans: $100,000 for loan guarantees $83,000 for buy downs No specific limit to dollars lending institutions will make available for loans that do not require the guarantee. Yearly Administrative Costs: $256,000 budgeted |
Models: Loan guarantee program Buy down program - to be initiated Loan $ Range: $1,000 - $25,000 for guaranteed loans with First Union Interest Rate Charged to Borrower 8.5% Duration of Loan: Varies by type of AT |
| Utah | ||
|
Lead Agency: Utah Assistive Technology Program Community-based Entity: Utah Assistive Technology Foundation Lending Institution: Zion's Bank |
Sources: $525,000 Federal grant $175,000 State match Available for Loans: $525,000 Yearly Administrative Costs: $175,000 |
Models: Interest buy-down Loan $ Range: No set limit Interest Rate Charged to Borrower 0% for all devices and services Duration of Loan: Up to 6 years, may be negotiated to longer term |
| Virginia | ||
|
Lead Agency: Virginia Assistive Technology System (VATS) Community-based Entity: Assistive Technology Loan Fund Authority (ATLFA) Lending Institution: SunTrust Bank Consumer Organizations: Virginia State Independent Living Council - 16 CILs |
Sources: $2,464,000 Federal grant $ 821,334 State match Available for Loans: $2,600,000 Yearly Administrative Costs: $150,000 |
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 $30,000 - guaranteed loans Interest Rate Charged to Borrower 4% less than Wall Street Journal Prime rate - guaranteed and direct 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 72 months - vehicles Up to 20 years - home equity loans |
| Wisconsin | ||
|
Lead Agency: Wisconsin Department of Health and Family Services Community-based Entity: Independence First Lending Institution: to be determined Consumer Organizations: Eight ILCs |
Sources: $750,000 Federal grant $250,000 State match Available for Loans: $500,000 Yearly Administrative Costs: Up to $500,000 |
Models: Loan Guarantee Loan $ Range: to be determined Interest Rate Charged to Borrower to be determined Duration of Loan: to be determined |
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.
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