STATE

ORIGINAL PROGRAM FUNDING BASE

TOTAL LOAN FUND CAPACITY

LOAN GUARANTEE REQUIREMENTS

INTEREST RATES AND TERMS

PERSONAL FINANCIAL CRITERIA

LOAN AMOUNT RANGES

AVERAGE LOAN AMOUNT

Alabama

$75,000 of Tech Act dollars and private donations

$200,000

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

$5,000

Alaska

$210,000 Tech Act dollars

Approximately $300,00

90%

Bank Rate minus the Prime Rate

Individual must qualify for a consumer loan with help of the interest buy down

$6500 to $40000

$10,000

Arkansas

$415,000 Total: $40,000 Tech Act $'s and $375,000 state funds

No Data

N/A

4-5%, 5 year maximum term

Demonstrated ability to repay, & verif of disability, income, AT need, debt ratio and credit reporting

$250 to $10,000

$3,000

California

$300,000.00

$451,000 for AT $619,000 for Transpo.

100%

Terms: Up to 5 years

Good Payment Record for 12 months

$20,000

$15,000

Connecticut

$2.2 million federal, state, and bank

$3,000,000

None

2% up to 1/2 point above prime Terms: Up to 5 years

Income and Expense Worksheet

No min or max. To date loans have ranged from $200 - $40,000.

$7,500

Hawaii

$300,000 Tech Act dollars guarantee and Private bank monies

No Data

Tech Act monies invested with Bank, no stated guarantee rate

1% to 1 ½% below Bank’s Normal Rates- around 8% up to 7 yrs.

Good Payment Record for 12 months

$500 to $30,000

No Data

Idaho

$50,000 Tech Act dollars

$215,000 for guarantees, at least $500,000 for non-guaranteed loans

Guaranteed loans considered individually by consumer board.

Prime rate. 1/4 pt. Lower for auto. Terms: up to 60 months, and $10,000 per loan

Basic financial criteria. Debt to credit ratio and credit history

$0 and up to $10,000

$2,500

Iowa

$50,000 Tech Act dollars

$125,000

40%

7.75%

Demonstrated ability to repay

$500 to $5,000

$3,066

Illinois

Treasurer’s Office deposits state funds with participating financial Institutions, which then make low-interest loans

No Data

Bank underwrites

Deposits are 70% of T-Note Rate. Terms are one to five years

Verifiable Income

$1,000 to $25,000 per project

No Data

Kansas

Private Bank monies only

No Data

Bank underwrites

10% below current Bank Guarantee Rate: 8.25% -0.82% = 7.43%

50% Debt to Income Ratio, credit history, presence of a disability

$0 up to no maximum

No Data

Kentucky

$107,000 State DD Council, $200,000 State General Funds, $50,000 Tech Act $'s

$350,000

50%

6%

Debt to income ratio to be determined, credit history, and current income

$500 to $25,000

No Data

Maine

5,000,000

$6,500,000

100% internal

0% to Prime 6 mos. to 20 yrs.

Verifiable Income

$250 to $100,000

$9,341

Maryland

Private Bank monies only. New program financed with $500,000 state allocation

$500,000

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)

No Data

Minnesota

10,000

$50,000

Loans will be guaranteed when necessary

Buy-down from prime plus 1, considered a personal loan but with extended payment per

Standard things-income, savings, property/assests

$500-$5,000

N/A

Missouri

Private Bank monies only

None

Bank underwrites

Prime Rate + 2%, Uses 50% Debt to Income Ratio

Up to 50% Debt to Income Ratio, Credit History, Current Income

$1,250 up to no maximum. Must be paid in up to 60 months

N/A

Montana

$40,000 Tech Act dollars

$230,000

MonTECH guarantees 75%

Prime Rate for up to 5 yrs

Credit check, demonstrated ability to pay

$0 - $10,000

$5,000

Nevada

$160,000 non profit monies $160,000 bank match

$320,000

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

New Hampshire

$100,000 Tech Act dollars

We factor 60% guarantee over the quarterly loan fund balance

60% reduced from 100% over past 5 years

1.09% for up to 5 yrs.

None

$1,000 - $5,000

$5,000

New Jersey

Private bank monies only

No Data

Bank underwrites

11% unsecured loans 10.5 % secured loans

Demonstrated ability to repay

$500 minimum, no maximum

No Data

New Mexico

$100,000 Tech Act dollars

No Data

75%

1% above Prime for up to 5yrs., 2% Prime for over 5 years

Demonstrated ability to repay

$0 to $10,000 and above if approved by NMTAP

$2,977

New York

$52,500 annual state appropriation

No Data

100% internal

8% for 5 to 8 years depending upon loan amount

Not eligible under any other state agency service

$500 to $4,000

No Data

North Carolina

$220,000 grant to non-profit

$360,000

100%

Best available rate for up to 6 yrs.

50% Debt to Income Ratio

$500 to $15,000

$4,000

North Dakota

$64,000 Tech Act dollars

$57,667

100%

Prime Rate plus 1%

demonstrated ability to repay

No set range at this time

$4,000

Ohio

$100,000 Tech Act dollars with $40,000 Bank match

$131,000

100%

5.5% Rate Terms determined individually by Bank

Credit check, demonstrated ability to pay

$1,000 to $10,000

$4,500

Oklahoma

Private bank monies only

None to date

Bank underwrites

Daily Prime Interest Rate--Terms:The loan may amortize over 5-years, with payments either monthly or quarterly

Applicants can have max 50% debt service to gross income ratio & must qualify with aproved credit record

No set range at this time

$5,000

Pennsylvania

$100,000 state appropriation to serve as the loan guarantee

$100,000 state approp., and another $200,000 is included in the 99-00 state budget, bringing our total to $300,000

100%

Prime Rate with Extended Terms up to 10 Years

Standard Lending Practices to people who would be denied through traditional loan programs--see comments column

$500 to the Cost of a Modified Van, however there is no specific maximum

$6,400

South Dakota

$55,000 set aside from grant

3 to 4 times investment or $165,000 to $220,000

The extended period beyond a normal loan or !00% if credit is in question.

Preferred customer rate with terms up to 8 years

Credit check, demonstrate ability to pay and 50% debt to income ratio.

$250 to $10,000

$5,200

Utah

$280,000 Foundation monies for buy-downs, partial grants, and operational cost

$500,000,

none

Signature loans--2% below WSJ Prime--except modified vehicles to a maximum buy-down of $1,000. Terms to 5 yrs.

None

None

$4,807

Vermont

$500,000 Tech Act dollars

$500,000

none

7 % to 9 % from 1 to 10 years

No Means Test, must demonstrate ability to repay

$500 minimum

$2,500

Virginia

$500,000 state appropriation and $200,000 Tech Act dollars

$735,000

100%

Non-guaranteed loans, 4 1/2% below Crestar rate. Guaranteed loans, 4% below the WSJ prime rate

Credit worthy with demonstrated ability to repay for ATLFA guaranteed loan

$0 to $20,000 for guaranteed. No limit for non-guarantees

$8,000

West Virginia

$500,000 state appropriation

No Data

100% internal

variable rate, currently 4% for up to 5 years

loans for up to 90% of the cost of device

$500 to $5,000

No Data