State of Alaska, Department of Labor and Workforce Development

Division of Vocational Rehabilitation (DVR)

Assistive Technology Loan Fund

The AT Loan Fund was established to help improve the quality of life for
individuals with disabilities through a flexible loan option program that allows them
to purchase needed Assistive Technology (AT) to improve independence and
productivity which will decrease the need for public support. This option may
allow the customer to access a lower interest rate and/or longer term repayment
timelines based on their individual needs. Each loan recipient is legally obligated
to pay their loan back per the signed loan documentation. The State guarantees
90% of this loan while the commercial bank covers the remaining 10% guarantee.

A. Guidelines

• Maximum loan amount is $40,000

• Minimum loan amount is $2,500
• Interest Rate on AT loans is set with the maximum rate based on the
published Wall Street Journal Prime rate. The minimum rate depends
on the final approval of interest buy-down requests as noted above. The
rate is established on a case by case basis with the initial
recommendation made by the lending institution (Northrim Bank) and
reviewed and approved by the AT Loan Fund representative Sean
O’Brien at DVR).
• Qualified consumer may obtain a second loan from fund provided that
the existing loan is in good standing and the total of the two loans does
not exceed the maximum allowable loan amount.

B. Eligibility

• Must be a person with a disability, their representative(s) or parent

• Must be used to purchase Assistive Technology (AT) such as, but
not limited to vehicle modifications, housing modifications, durable
medical equipment, off the shelf customized products that improve
the quality of life for individual with disabilities
• Loans to purchase vehicles are not allowed
• For a loan to modify a vehicle to provide transportation for a person
with a disability, the applicant must have been employed for at least
ninety (90) days immediately preceding the date of the loan
application.
• Must be demonstrated that the AT requested has the potential to
improve that individual’s quality of life, independence, or ability to
function productively.
• Must work with other funding sources to ensure that the funding for
AT is not available through less expensive means before applying to
the AT Loan Fund for a loan. This includes funding through other
 agencies or programs or eligibility for a conventional consumer loan,
notwithstanding extenuating factors.
C. AT Loan Process

• The loan applicant and/or their legal representative contacts the DVR
representative for verification that individual or representative(s) is
eligible for the AT Loan Program. If they qualify, the DVR representative
notifies the participating Bank of the qualification.
• After the Bank receives the approval to proceed, Northrim will mail out
the Consumer Credit Application along with a self stamped envelope.
The completed application can then be mailed back or faxed back to
(907) 263 3219.
• Bank will underwrite received application and make a recommendation
to approve or decline based on AT Loan Fund Guidelines. Bank will
contact the AT Loan representative to discuss recommended decision.
• If declined, Bank will send out the Notice of Decline letter to borrower(s)
• If approved, the Bank and AT representative will determine the
appropriate rate and term based on individual needs and determine if
the request warrants a interest buy down consideration
• Bank will produce loan documents for approved request and
borrower(s) would sign the documentation at the most convenient
Northrim Bank Branch location. If there is not a convenient Northrim
Bank Branch, Loan can be completed using US Postal Service but
documents would require a notary for verification of signature.
• Bank to provide Payment coupons to cover installment schedule for
loan
• Bank to collect and process all payments from borrower(s)
• Approved Loan reported to the Credit Bureau
• If account reaches a past due status, Bank to send late notices and
make collection calls according to established guidelines
• Provide quarterly reporting to the State of Alaska on total amount
loaned, payments received and any delinquent accounts.

CONTACTS:

Assistive Technology Loan Fund

Sean O’Brien; e-mail: sean.obrien@alaska.gov
801 W. 10th St., Suite A
Juneau, Alaska 99801
1-800-478-2815 (toll free)
(907) 465-6969, fax: (907) 465-2856

Northrim Bank Contact:

Angela Freeman
2709 Spenard Road
P.O. Box 241489
Anchorage, Alaska 99524-1489
(907) 261-6206
(updated 03/12/09, SKO)