What can be purchased with your loans?
Loans from the Assistive Technology Loan Fund Authority (ATLFA) can be used for a variety of special equipment items. Examples include loans for technology like motorized scooters and wheelchairs, vision and hearing aids, stair lifts, communication devices, and vehicles with modifications.
Telework loans are also available for Virginias with disabilities that have or want to start a home based business and need funding for equipment, supplies, or inventory.
What forms do I complete?
All applicants must complete our personal information application along with the direct loan application. Each applicant must also include:
- a written vendor quote for the assistive technology he/she needs,
- proof of identity (copy of driver’s license or identification card issued by Department of Motor Vehicles),
- and proof of income (pay stubs, SSDI statement, or W-2).
Each applicant must also provide proof of the disability related to their request (doctor’s report, OT/PT evaluation, or prescription for equipment).
How do I know if I am eligible?
Any Virginia resident with a disability, or a caregiver of a person of any age with a disability, can apply for a low interest loan to purchase assistive technology. However, completion of an application does not guarantee a request will be approved. Loan approval is based on the applicant’s credit score, credit history, and debt to income ratio. We will also give special consideration to applicants struggling with credit hardships due to disability and medically related issues.
How much can I borrow?
There is no minimum amount and individuals who meet the ATLFA lending criteria can borrow up to $50,000. Loans greater than $50,000 will be evaluated on a case by case basis.
What is the interest rate?
Loan interest rates are normally 5%, but the interest rates for new vehicles or vehicles no more than two years old based on the current model year are indexed quarterly by the Board of Directors based on current LIBOR (London Interbank Offered Rate). Please contact ATLFA for the current interest rate on new vehicles.
How long will my request take to be processed?
Your application will not be processed until we have received all of the required documentation. The ATLFA Loan Committee will evaluate applications on a continuing basis.