Adaptive Equipment Loan Program (AELP): Financing Adaptive ...



Adaptive Equipment Loan Program (AELP): Financing Adaptive Equipment & TechnologyJanuary 9, 2019 - WebinarHenry Powell, MS, OTR/L, ILS, Alpha OneWelcome!Henry Powell is a Colby and UNE grad with an MS degree in occupational therapy and is an IL Specialist at Alpha One in South Portland. He works with loan applicants, attends month board meetings, runs outreach for the loan programThe Kim Wallace Adaptive Equipment Loan Fundprovides Maine citizens with disabilities with affordable loans for “adaptive equipment” to improve access, achieve independence, productivity, life enrichment and/or community participation.Kim Wallace Adaptive Equipment Loan Program HistoryMr. Kim Wallace and the Blue Ribbon CommissionLoan Program was created by Maine law in 1988; First in the country!25 years of Financing SuccessMore than $23,000,000 has been loaned and paid back since 1988Chart from the National Disability Institute’s analysis of data from the FINRA Investor Education Foundation’s National Financial Capability Study. People with disabilities are two times more likely to have income less than $35,000 This chart describes the difficulties of people with disabilities and explains why it is more prevalent for people with disabilities to have negative credit histories. Adding to all of this, the price of adaptive equipment is overwhelmingly high. An adapted vehicle can cost three times that of a traditional vehicle and frequently very specific equipment and technology is not covered by insurance.As such, the credit histories of individuals with disabilities can suffer and it makes it even harder to come out from all of that debt. We understand that challenge and work with applicants to try and find a loan that will work for them. As a center for independent living, Alpha One also works with applicants to discuss other sources of funding (such as grants or other lower-cost loans) for the equipment they are looking to purchase, which might lighten the financial burden.AELP Loan Board9 Member Board appointed by the governor5 out of 9 members have a disabilityThe board delegated decision-making authority to Alpha One in October 2018 based on new underwriting guidelinesWho can Apply for a loan?Individuals who have disabilities or their families/friendsThe loan has to benefit the person with the disabilityBusinesses ownersFor employees or customersTERMS AND RATESThe interest rate is 3.75% Loans can be from $250 to $100,000Loan term (the length of the loan) can be flexibleCriteria for an AELP loanCapacity to repay – sufficient money to make a monthly payment until the loan is paid offCredit history - credit score of 0 (no credit history) or 569 and higher and no negative history (foreclosures, bankruptcy, etc.)Debt-to-income ratio - what you owe per month (credit cards, mortgage, etc.) divided by monthly income.What can Be Purchased with a loan?Hearing Aids & communication devicesAccessible cars, vans, trucks, tractorsAccess ramps, elevator, lifts, stair glidesComputer Technology (tablets, iPads, smart devices)Home modifications, smart home technologyVision technologyWheelchairs or scootersAdapted Recreation EquipmentExclusions from the programHome repairs that are not related to accessRoof repairs, hot water, heaters, septic tanks, etc.Refinancing an existing loan How does the process work?The Application Process Working with Alpha One intake staffFinancial Literacy info and financial counselingHow does the process work?Loan Decisions Alpha One underwriter and reviewsThe AELP Board only for appealsTerms of the loanClosing your loan and buying your equipmentPreparing to applyWhat/who will the loan be used for?What is your credit score?How much can you afford for a monthly payment?Do you think you should include a co-applicant?Do you have any price quotes for the items you are looking to purchase and who is the vendor?Takeaways The Adaptive Equipment Loan Program finances affordable loans for Mainers with disabilities, families and Business ownersFinancial loans give consumers purchasing power to buy the equipment & AT they want & needContact Alpha One to applyTo Apply, contact us!Alpha One127 Main St. South Portland, ME 041061-800-640-7200 V/TTY207-767-2189info@ ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download