CFILC’s Alternative Finance Program
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CFILC’s Alternative Finance Program. 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. - PowerPoint PPT Presentation
Transcript of CFILC’s Alternative Finance Program
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
