TABLE 2 - State Assistive Technology Loan Programs - Loan Funding Base and Loan Specifics

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%

Banks normal interest rate.

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 Ĺ% below Bankís 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

Treasurerís 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