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Alternative Finance Program
Most individuals with disabilities do not have the private financial resources to purchase the assistive technology devices and services, AT, they need . Major service programs such as Medicaid, Medicare, and vocational rehabilitation cannot meet the growing demand for AT .
A Minnesota statewide need assessment completed in 1998 found the most common barrier to assistive technology was funding. Of the 124 respondents, 61% indicated funding to be the primary obstacle in acquiring needed AT devices and services.
In Minnesota, the alternative finance program, AFP, is managed by Assistive Technology of Minnesota, ATMN, a statewide nonprofit organization. Under the current model, ATMN provides a low interest loan to consumers, their families and employers for the purchase of assistive technology devices and services. Providing a single program option for the purchase of assistive technology serves a small number of individuals with disabilities . In 2003, ATMN has received over 40 inquiries, processing 11 loans. There has been limited financial support to ATMN to operate and expand the AFP model.
Minnesota applied for federal support from the US Department of Education under Title III of the Assistive Technology Act to expand and restructure the Alternative Finance Program. A grant was awarded to Minnesota in October of 2003. Federal funding is available to assist Assistive Technology of Minnesota with the restructuring of its Alternative Finance Program. ATMN will restructure the current model by adding a revolving loan program and a loan guarantee to increase the options available for individuals with disabilities in need of financial support.
Establishing a revolving loan program and loan guarantee will provide funding opportunities for people, who in the past were ineligible for a traditional loan. The revolving loan fund will provide ATMN with continued funding, as the revenues generated through the program are reinvested sustaining the program for many years in the future.
Expanding options by re-structuring the AFP and reaching out into communities that are unaware of the benefits of AT, ATMN will assist individuals with disabilities to acquire the devices and services needed for a more independent life. The outcomes of the program shift will directly affect people with disabilities from all walks of life, children in the classroom, seniors in their homes and improve employment opportunities.
The State of Minnesota, Department of Administration will oversee the project through its contractual arrangement with Assistive Technology of Minnesota.
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