What is the New Horizon Loan Program?
The New Horizon Loan Program is an alternative assistive technology finance program under the Assistive Technology Act of 2004, Section 4 (e)(2)(A) designed to assist individuals with disabilities to borrow money at reasonable interest rates for the purchase of assistive technologies.
The program also offers a telework and self-employment loan which can assist with the funding of assistive technology and equipment for individuals currently working or seeking self-employment opportunities. While the first hope for all applicants is that there may be other sources of funding available through grants, benefits and gifts for the desired assistive technology, the team at FAAST understands that this is not always the case.
The New Horizon Loan Program can be a great alternative in these situations and provides loans with preferred interest rates, flexible terms and no prepayment penalties. And while credit and debt to income requirements are established for the program, these requirements are typically lower or more flexible than traditional banking requirements.
What is Assistive Technology?
An Assistive Technology (AT) device can be any item, piece of equipment, or product system, whether acquired commercially, modified, or customized, that is used to increase, maintain, or improve functional capabilities of individuals with disabilities, including but not limited to communication, self-care, education, employment, mobility, and recreation and can include:
- Hearing and Vision Aids
- Home Modifications/Environmental Controls
- Communication Devices
- Durable Medical Equipment
- Adapted Computers
- Modified/Accessible Vehicles
- Recreational Equipment
Additional Services Provided
- Assistance to try to identify other potential funding sources for assistive technology acquisition
- Guidance/recommendations for selection of assistive technology devices
- Assistance with identifying and locating assistive technology vendors
- Easy, personal and interactive application process
- Credit guidance and counseling
The New Horizon Loan Program originated through the U.S. Department of Education, Rehabilitation Services Administration and is a program within the Florida Alliance for Assistive Services and Technology, Inc., a not-for-profit 501(c)3 organization. The program is sponsored by the Florida Department of Education/Division of Vocational Rehabilitation and the State of Florida.