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The AT Loan Fund was established to help improve the quality of life for
individuals with disabilities through a flexible loan option program that allows them
to purchase needed Assistive Technology (AT) to improve independence and
productivity which will decrease the need for public support. This option may
allow the customer to access a lower interest rate and/or longer term repayment
timelines based on their individual needs. Each loan recipient is legally obligated
to pay their loan back per the signed loan documentation. The State guarantees
90% of this loan while the commercial bank covers the remaining 10% guarantee.
A. Guidelines
B. Eligibility
• The loan applicant and/or their legal representative contacts the DVR
representative for verification that individual or representative(s) is
eligible for the AT Loan Program. If they qualify, the DVR representative
notifies the participating Bank of the qualification.
• After the Bank receives the approval to proceed, Northrim will mail out
the Consumer Credit Application along with a self stamped envelope.
The completed application can then be mailed back or faxed back to
(907) 263 3219.
• Bank will underwrite received application and make a recommendation
to approve or decline based on AT Loan Fund Guidelines. Bank will
contact the AT Loan representative to discuss recommended decision.
• If declined, Bank will send out the Notice of Decline letter to borrower(s)
• If approved, the Bank and AT representative will determine the
appropriate rate and term based on individual needs and determine if
the request warrants a interest buy down consideration
• Bank will produce loan documents for approved request and
borrower(s) would sign the documentation at the most convenient
Northrim Bank Branch location. If there is not a convenient Northrim
Bank Branch, Loan can be completed using US Postal Service but
documents would require a notary for verification of signature.
• Bank to provide Payment coupons to cover installment schedule for
loan
• Bank to collect and process all payments from borrower(s)
• Approved Loan reported to the Credit Bureau
• If account reaches a past due status, Bank to send late notices and
make collection calls according to established guidelines
• Provide quarterly reporting to the State of Alaska on total amount
loaned, payments received and any delinquent accounts.
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