TABLE 2 - State Assistive Technology Loan Programs - Loan Fund Capacity and Loan Specifics - Year: 2000
|
STATE |
TOTAL LOAN FUND CAPACITY |
INDIVIDUAL LOAN GUARANTEE REQUIREMENTS |
LOAN AMOUNT RANGES |
INTEREST RATES AND TERMS |
PERSONAL FINANCIAL CRITERIA |
TOTAL DOLLAR AMOUNT OF LOANS SINCE INCEPTION |
TOTAL NUMBER OF LOANS APPROVED SINCE INCEPTION |
|
Alabama* |
$200,000 |
100% guarantee with 7% of outstanding loans set aside |
$500 to $10,000 |
Interest: Bank base rate plus 1% to 3% determined by loan amount |
50% Debt to income ratio |
$120,000 |
32 |
|
Alaska |
$357,000 |
90% |
$2,500 to $40,000 |
Interest: Bank rate minus the prime rate |
40% Debt to income ratio |
$366,400 |
20 |
|
Arkansas |
436,139.13 |
N/A |
$250 to $10,000 |
Interest: 5.5% Terms: 1 to 5 years |
Demonstrated ability to repay, & verif of disability, income, AT need, debt ratio and credit reporting |
$150,000 |
35 |
|
California |
$300,000 |
100% |
No min or max to date $200 to $35,000 |
Interest: Bank normal interest rates Terms: Up to 5 years |
Good payment record for 12 months |
$534,000 |
65 |
|
Connecticut |
$3,000,000 |
None |
No min or max. To date loans have ranged from $200 - $45,000. |
Interest: Sliding scale, from prime down to 2% Terms: Up to 5 years |
Income and Expense Worksheet |
$1,300,000 |
180 |
|
District of Columbia |
$100,000 |
100% |
$500 to $5,000 |
Interest: 5% Terms: Up to 5 years |
Demonstrated ability to repay, debt ratio and credit report |
N/A |
N/A |
|
Hawaii |
unlimited |
No stated guarantee rate |
$500 to $30,000 |
Interest: 1% to 1 1/2% below bank's normal rates (around 8% up to 7 years) |
Good payment record for 12 months |
No data |
No data |
|
Idaho |
$215,000 for guarantees, at least $500,000 for non-guaranteed loans |
Guaranteed loans considered individually by consumer board. |
Up to $10,000 |
Interest: Prime rate, 1/4 pt. Lower for auto. Terms: up to 60 months |
50% Debt to credit ratio and credit history |
$474,208 |
121 |
|
Iowa |
unlimited |
none |
$1,000 to $5,000 Higher for home mods |
Interest: 10% Terms: up to 5 years, more for car loans and home mods |
45% debt to income ratio |
$24,386 |
22 |
|
Illinois* |
No data |
Bank underwrites |
$1,000 to $25,000 |
Interest: 70% of T-Note rate Terms: 1 to 5 years |
Verifiable Income |
No data |
No data |
|
Kansas |
$1,240,953 |
No data |
$825 to $100,000 |
Interest; 5.5% to 9.9% Terms: Flexible |
Flexible, consider income, credit history, monthly expenses, debt |
$138,792 |
18 |
|
Kentucky |
$600,000 |
For 6% loans: 100% for loans under $5,000 50% for loans over $5,000 No guarantees on 4% loans |
$500 to $25,000 |
Interest: 6% Terms: "life expectancy" of item, max of 8 yrs for new vehicles Interest: 4% Terms: max 5 years |
Varies by income, For income under $40,000, max 36% |
$197,464 |
26 |
|
Maine |
$6,500,000 |
100% internal |
$250 to $100,000 |
Interest: 0% to 6% Terms: Up to 20 years |
Credit worthiness |
$8,697,340* |
931* |
|
Maryland |
$1,000,000 |
50% |
$500 to $30,000 |
Interest: 4 points below prime for guaranteed loans Terms: 1 to 7 years |
Credit worthiness, 50% debt to income ratio or demonstrated means to afford payments |
$961,432 guaranteed $66,675 non guaranteed |
102 |
|
Minnesota |
$100,000 |
Loans not guaranteed |
$1,000 and up |
Interest: May be bought down from starting point of 10% Terms: Negotiable, typically a year for each $1,000 |
Common standards, set by the bank |
$40,000 |
4 |
|
Missouri** |
$950,000 |
No data |
$500 to $10,000 |
Interest: 2% to 7% Terms: up to 10 years |
No data |
No data |
No data |
|
Montana |
$320,000 |
MonTECH guarantees up to 75%, Equipment may serve as partial collateral |
$0 - $10,000 |
Interest: Prime Rate Terms: Up to 5 yrs |
Determined by bank |
$20,000 |
2 |
|
Nevada |
$1,200,000 |
100% |
$1,000 - $25,000 |
Interest: Prime Rate Terms: up to 20 yrs |
55% Debt to Income Ratio, No Means Test, Can't Qualify for Regular Loan |
no data |
no data |
|
New Hampshire |
$799,411 |
100% |
$1,000 - $5,000 |
Interest: current passbook rate (approx. 1%) Terms: Max 5 years |
Resident of NH Bank underwriting standards |
n/a |
120 |
|
New Jersey |
No Data |
Bank underwrites |
$500 - $5,000 unsecured $5,001 - $15,000 secured |
Interest: 1/2% below current rate of "Home Improvement Loan" Terms: unsecured - up to 10 years secured - up to 15 years |
Demonstrated ability to repay |
$291,000 |
74 |
|
New Mexico* |
No data |
75% |
up to $10,000 |
Interest: 1% above prime Terms: up to 5 years Interest: 2% above prime Terms: Over 5 years |
Demonstrated ability to repay |
$11,907 |
4 |
|
New York* |
No data |
100% internal |
$500 to $4,000 |
Interest: 8% Terms: 5 to 8 years |
Not eligible under any other state agency service |
No data |
No data |
|
North Carolina |
$305,000 |
100% guaranteed |
$500 to $15,000 |
Interest: Best available rate Terms: 2 to 5 years |
50% Debt to Income Ratio |
$529,745 |
133 |
|
North Dakota* |
$57,667 |
100% |
No set ranges |
Interest: Prime rate plus 1% |
Demonstrated ability to repay |
$7,402 |
2 |
|
Ohio |
$250,000 |
No guarantee |
$1,000 to $10,000 |
Interest: 7.5% Terms: Up to 10 years |
Credit check, demonstrated ability to pay |
$208,826 |
53 |
|
Oklahoma |
$100,000 |
No guarantee |
$500 to person's capacity to repay |
Interest: 2% above CD, currently 6.64% Terms: 5 years |
Applicants can have max 50% debt service to gross income ratio & must qualify with approved credit record |
$51,363 |
7 |
|
Pennsylvania |
$370,593 |
100% |
$1,000 to $25,000 |
Interest: Prime Rate (8.5%) Terms: up to 10 years, based on expected useful life of AT |
Credit check and demonstrate ability to repay |
$431,888 |
63 |
|
South Dakota |
$196,953, Bank leverages amt on deposit 3 to 1 |
The extended period beyond a normal loan or !00% if credit is in question. |
$250 to $10,000 |
Rate: Preferred customer rate Terms: Up to 8 years |
Ability to pay; 50% debt to income ratio, or adequate disposable income |
N/A |
49 |
|
Utah |
$1,000,000 |
No guarantee |
$100 - $26,000 |
Interest: 0% on all loans except vehicles Up to $3,000 provided for interest buy-down for vehicles Partial grants for families with income less that $30,000, 45% of loan or $3,000 which ever is less Terms: up to 5 years |
Varies, usually around 60% debt to income ration |
$517,829 |
102 |
|
Vermont* |
$500,000 |
None |
$500 and up |
Interest: 7% to 9% Terms: 1 to 10 years |
No means test, must demonstrate ability to repay |
$1,500,000 |
300 |
|
Virginia |
$4,00,000 |
100% |
$0 to $20,000 for guaranteed. No limit for non-guarantees |
Interest: 4% less that current interest rate Terms: 4 to 6 years for most loans; 20 for home equity |
Generally 50% debt to income ratio, there can be exceptions |
$$1,952,978 |
242 |
|
West Virginia |
$100,000 |
100% internal |
$500 - $5,000 |
Interest: variable - currently 4% Terms: up to 5 years for 90% of device cost |
not available |
$67,900 |
23 |
* Data based on 1999 survey
** New program, no full year data