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%