What is the Alternative Financing Program?
The Arkansas Assistive
Technology Alternative Financing Program (AFP)
provides Arkansans with disabilities access to
an affordable funding option for the purchase of
assistive technology. It offers reduced
interest rate, extended term loans to
individuals with disabilities to obtain needed
assistive technology services or devices.
The AFP is sponsored by
Arkansas Rehabilitation Services in partnership
with the Arkansas Development Finance
Authority. The Governor appointed Technology
Equipment Revolving Loan Fund Committee provides
program
oversight.
Who can apply?
Arkansas residents
with a disability and in need
of assistive
technology can apply for a loan through the
Alternative Financing Program. Family members,
guardians, or authorized representatives may
also apply on behalf of an individual with a
disability. Applicants must be age 18 or older
or have a cosigner are 18 or
older. For program
purposes, a disability is defined as a physical
or mental impairment that substantially limits
one or more major life activities. These
activities include such things as seeing,
hearing, walking, communicating, learning,
working, or living independently.
What
can a loan be used to purchase?
Loans available
through the AFP can only be
used to purchase
assistive technology.
Assistive technology
devices and services are designed to improve or
maintain a person’s
level of independence, to
increase or maintain productivity, or improve
quality of life. Some examples of assistive
technology include: Wheelchairs, motorized scooters, home
modifications, vehicle modifications, hearing
and visual aids, Braille equipment,
telecommunication systems, augmentative
communication systems, environmental control
units, and adaptive peripherals. If you are not sure
an item you need qualifies under the program,
just ask.
Who
determines if I am eligible?
Staff at Arkansas
Rehabilitation Services is responsible for
determining your eligibility for
the Alternative
Financing Program. Information you provide in
the application packet is used to document the
presence of a disability and if the assistive
technology to be purchased is
designed to
increase, maintain, or improve functional
capabilities. Staff at the
Arkansas Development Finance Authority is
responsible for determining credit worthiness
regarding your receipt of a loan. As part of the
loan approval process, a review of
your credit
history will be necessary. The cost
of
obtaining your credit report is included as
part
of the application fee.
What if I am not employed or have poor credit?
Individuals who might not qualify for
traditional loan programs may be eligible to
obtain an AFP loan. Even if you
are not employed or have poor credit including a
history of bankruptcy you may still qualify.
Circumstances unique to your credit history and
income will be considered on an individual
basis.
How much can I borrow and
what is the interest
rate?
The minimum or
maximum amount you can borrow depends on your
ability to repay and the cost/value of the
equipment or service to be acquired. Repayment
terms are based on the amount of money borrowed
and the expected useful life of the assistive
technology. The interest rate in
effect at the time the loan application is
accepted is fixed for the duration of the loan.
How
do I apply?
If you are
interested in applying for a loan through the
Alternative Financing Program you can click on
the application link to print a copy
of the application packet. You can also
download
an application
or call 501-686-2806 and one will be mailed to you. If
you have questions about the program or require
assistance completing the application
you may
call the above mentioned numbers.
All
applications must be mailed to:
Arkansas
Rehabilitation Services
Attn: Alternative Financing Program
26 Corporate Hill Dr.
Little Rock, Arkansas 72205
