Alternative Financing Program and Access to Telework Program

January 13, 2004 Press Release. Contact: Linda Jaco, (405) 744-9864 Oklahoma ABLE Tech, OSU Seretean Wellness Center, 1514 W. Hall of Fame, Stillwater, OK 74078

Oklahoma ABLE Tech is one of 26 states to receive funding from the US Department of Education, National Institute on Disability and Rehabilitation Research (NIDRR) to operate a low interest loan program called the Alternative Financing Program or AFP. In addition, ABLE Tech is one of 20 states to receive funding from the US Department of Education, Rehabilitation Services Agency (RSA) to operate an Access to Telework Program or ATF. Both programs offer a low interest and/or low interest guaranty bank loan that provides Oklahomans with disabilities the opportunity to borrow money for the purchase of needed assistive technology, computers and other adaptive equipment. Each of the state loan programs will match federal funds with state funds or private sources. Both loan programs will be administered through a partnership with ABLE Tech, BancFirst of Stillwater and the Oklahoma Assistive Technology Foundation or OkAT.

Both the AFP and ATF loan programs provide a mechanism for persons who do not qualify for a low interest loan through Banc First, to request a financial review by OkAT to co-sign or guarantee a loan. Under its own established loan criteria, OkAT determines the loan applicant's ability to make the monthly payments. The interest rate charged to the borrower on the low interest loan is 2% above the Wall Street Journal Daily Prime Interest Rate for an extended term up to 5 years.

The primary purpose of the ATF is to make low interest loans or low interest guaranty loans available to Oklahomans with disabilities who would like an employment outcome. Funds borrowed by persons with disabilities under the ATF program are to be used to purchase computers and other equipment, including adaptive equipment for work that can be performed effectively from home or from other remote sites away from the office, such as work on the road or at a telework center. This would apply to individuals with disabilities who are unemployed, underemployed, self-employed or needing to maintain employment. Telework does not relieve covered employers from their obligations under the Americans with Disabilities Act; however, it will provide individuals with disabilities an alternative mechanism to access computers and other needed equipment not provided by an employer to enable them to establish telework and other alternative work environments.

The primary purpose of the AFP is to assist Oklahomans with disabilities and their families to qualify for low interest loans to buy needed assistive technology that helps them live, work and learn more independently. Assistive technology is any device that helps a person with a disability, for example: Wheelchairs, Telecommunication devices for the deaf, Environmental control units, Home/office accessibility modifications, and Modified vans and lifts.

ABLE Tech has managed a very successful AFP program since the fall of 2001. To date, the Oklahoma AFP program has issued 119 loans with a total loan amount of $814,375. Of those loans, 82 are non-guaranteed and 37 are guaranteed by OkAT. For more information on either of these programs contact Oklahoma ABLE Tech toll free at 888-885-5588.