Alternative Finance Program
About the Alternative Finance Program
Alabama’s Alternative Finance Program for individuals with disabilities and
their families allows applicants to borrow money at low interest or extended
terms for the purchase of assistive technology, adaptive equipment and related
services. Alternative financing needs may include but will not be limited to a
means of paying for devices not covered by public programs, of providing a loan
sooner than other public programs, and/or of having another funding source
available.
The alternative financing program is administered through the
Southern Disability Foundation Inc.
, a community-based organization founded in collaboration with
STAR .
Frequently Asked Questions
What is the program mission?
To allow individuals with disabilities and their family members, guardians,
advocates, and authorized representatives to acquire and purchase assistive
technology devices and services through the establishment and administration of
Alabama’s Assistive Technology Alternative Financing Program.
Who is eligible?
Any Alabama resident who (1) has a disability or has a family member with a
disability; and (2) whose independence or quality of life would be improved by
the acquisition of the adaptive equipment.
What Is the definition of "disability"?
Any medical, developmental, learning or psychological impairment that
substantially limits one or more major life activities such as an individual’s
ability to walk, communicate, see, hear, learn, secure and/or maintain
employment, or increase overall independence.
How can I apply for a loan?
-
Obtain a written quote and description of the adaptive equipment you wish to
purchase. Loan applications can be obtained through the
STAR office, a
participating financial institution, or downloaded from the website. If
you are unsure of an office or bank location near you, contact the
STAR
office at 1.800.STAR.656.
-
Take/mail the adaptive equipment and service description and quote to the loan
coordinator. The coordinator will send the application with supporting
documentation to the nonprofit organization sponsoring the loan program. The
application will be reviewed for suitability and cost.
-
The foundation will forward applications to the financial intuition for credit
and financial evaluation to determine the ability to repay the loan. If
approved, applicants will receive instructions on subsequent steps in the loan
process.
How long does it take to process a loan?
The loan process can take up to 30 days.
For more information, contact
Kate Wallace
Alternative Finance Program Coordinator
334-293-7008
©2009 Alabama Department of Rehabilitation Services
Document last modified:
6/11/2009
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