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CFILC’s Alternative Finance Program

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.

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CFILC’s Alternative Finance Program

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  1. CFILC’s Alternative Finance Program

  2. 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.

  3. 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

  4. 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

  5. NEXT STEPS • Loan Application • Underwriting Process Fall 2014 • Collections Process • Policies & Procedures • Launch & Marketing

  6. Our Program is a NATIONAL PILOT

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