ALTERNATIVE FINANCING PROGRAM YEAR END REPORT
July 1, 2006 to June 30, 2007
to Oklahoma Department of Rehabilitation Services from Oklahoma ABLE Tech
Word Document
DESCRIPTIVE DATA
1. Types of Alternative Financing Loan Model
Interest Rate Buy-Down Loan
Guaranteed/Interest Rate Buy-Down Loan
2. Name of Partners
Lead Agency: Oklahoma ABLE Tech
Community Based Organization: Oklahoma Assistive Technology Foundation (OkAT)
Lending Institutions: BancFirst of Stillwater
LOAN PROGRAM FEATURES
3. Range of Loan Amounts that program generally provides
There are no minimum or maximum loan amount restrictions.
4. Interest rates provided to borrower
All loans had an interest rate of 5% fixed over the term of the loan. OkAT bought down the interest rate from 2% over prime interest rate for collateralized loans and 3% over prime interest rate for non-collateralized loans.
5. Repayment terms that program generally provides
Minimum (in months): 36 months for non-collateralized loans
Maximum (in months): 60 months for collateralized loans
6. Total loan fund capacity as of September 30, 2006
Total dollars available for closing new guaranteed loans is $1,263,460.00.
7. Restrictions on Types of Devices Purchased (Optional)
The loan program does not restrict the type of AT a borrower can purchase.
PORTFOLIO PERFORMANCE
8. Outstanding loans, for which the principal was not paid in full, as of June 30, 2007, of guaranteed loans for which the loan program could incur losses.
A. Total number of outstanding loans: 64
B. Total dollar amount of principal still outstanding: $335,906.90
9. Losses this past year as of September 30, 2006
A. Total dollar amount of net losses (money lost on direct loans and guarantee payouts minus recoveries from collateral). $4,774.34
B. Number of loans defaulted as of June 30, 2007: 1
10. Outstanding loans, for which the principal was not paid in full, as of June 30, 2007, of non-guaranteed loans for which the loan program could not incur losses.
A. Total number of outstanding loans: 114
B. Total dollar amount of principal still outstanding: $414,254.69
LOAN INFORMATION*
11. Number of Applications received:
|
Number of applications received & processed to decision |
Metro |
Non- Metro |
Total |
|
Number of applications approved - loan made |
50 |
35 |
85 |
|
Number of applications approved - loan not made |
1 |
0 |
1 |
|
Number of applications rejected |
1 |
3 |
4 |
|
Number of applications received & processed to decision |
52 |
38 |
90 |
12. Income characteristics of borrowers
|
Number of loans made to applicants with annual gross income of: |
$15,000 or Less |
$15,001 to $20,000 |
$20,001 to $25,000 |
$25,001 to $30,000 |
$30,001 to $35,000 |
$35,001 or More |
|
11 |
8 |
4 |
10 |
10 |
47 |
13. Average gross income of all borrowers: 43,378.68
14. Loans closed from July 1, 2006 to June 30, 2007
|
|
Number |
Total Dollar Amount |
|
Low Interest Rate Buy-Down Loans |
64 |
305,070.84 |
|
Guaranteed/Interest Rate Buy-Down Loans |
26 |
197,229.46 |
|
Total all loans |
90 |
502,300.30 |
15. Type of AT purchased from July 1, 2006 to June 30, 2007
|
Type of AT |
Number |
Amount |
|
Vision |
1 |
2,379.83 |
|
Hearing |
65 |
206,308.24 |
|
Environmental adaptations |
3 |
18,446.37 |
|
Mobility, seating, and positioning |
2 |
17,128.94 |
|
Vehicle modifications and transportation |
19 |
258,036.92 |
|
Total |
90 |
502,300.30 |
16. Performance Outcome
|
Performance Outcome |
Benefit Area |
|
||
|
recipient used program/assistance because-- |
Education |
Employment |
Community Living |
Total |
|
Could only afford the AT through the statewide AT program |
2 |
4 |
13 |
19 |
|
AT was only available through the statewide AT program |
0 |
6 |
19 |
25 |
|
AT was available through other programs, but the system was too complex or wait time was too long |
0 |
|
2 |
2 |
|
Subtotal |
2 |
10 |
34 |
46 |
|
None of the above |
|
4 |
5 |
9 |
|
Nonrespondent |
|
6 |
16 |
22 |
|
Total |
2 |
20 |
55 |
77 |
|
Performance Outcome |
100% |
50% |
62% |
60% |