alternative financing programs (afps) are federally-funded programs which provide affordable...

Alternative Financing Programs (AFPs) are federally-funded programs which provide affordable financing options for the purchase of assistive technology devices and services. There are 36 AFPs in the United States and territories.

There are 8 states (including California) that have financing programs similar to an AFP but that are funded differently.

CFILC sponsored legislation SB 418 in 2005 that made changes to California’s Loan Guarentee Program, it lightened administrative burden on applicants and set DOR up to become the AFP.

Despite years of seeking a lending partner LGP, is still without a lender.

In 2012, DOR decided to support CFILC in applying for the AFP.

CFILC & A2i Becomes LENDERS for the AFP

Sets CFILC & A2i to be lenders for CA’s LGP

National Cooperative Bank is the Loan Servicer◦ Generate and Execute Loan Documents, Fund Loans, Service

Loans, Report on Performance of Loans, Identify Loans 90 delinquent

CFILC is the Lender◦ Marketing Alternative Financing Programs◦ Loan Applications & Approvals◦ Loan Collection/Resolution◦ Financial Literacy Training

CFILC Federal Funds Deposit

◦ Loan Fund Account: $630,000◦ Loan Loss Reserve: $200,000

CFILC Revolving Line of Credit: $1,600,000

A2i Loan Fund Account: $50,000

NEXT STEPS

Loan Application Underwriting Process Fall 2014

Collections Process Policies & Procedures Launch & Marketing

Our Program is a NATIONAL PILOT