CT AT Program’s AT Loan Program (ATLP) Arlene Lugo, Program Director 860-424-4881 [email protected] Twitter: @Cttechact Department.

CT AT Program’sAT Loan Program (ATLP)Arlene Lugo, Program Directorwww.CTtechact.com/[email protected] Twitter: @Cttechact

Department of Rehabilitation Services

It all began ...

• 1993 -2007 – revolving loan from AT Act grant funds and state bond commission match

• 5 Independent Living Centers marketed program, assisted with and accepted applications, recommended approval

• By 2006/2007 – was being run with little oversight and more like a “grant” program.

2

Change happens

• We needed help – RESNA sent it!

• Through TA and plan of action we closed the program, to write off some loans, sent other defaulted loans to collections and took the active loans to a new bank partner with a new $0.00 contract

• Connecticut Bank & Trust, David Lentini, our champion

3

The New ATLP

• We rewrote & strengthened our policies

• 2009 – Program reopened with a new PT staff overseeing it, internally.

• AT Advisory Council – sub-committee played a big role in helping to get CBT on board and rewriting policies.

4

The New ATLP

5

2009 2010 2011 2012

Approved 8 19 12 11

Rejected 6 4 4 4

Total: $124,000

$288,450 $192,750 $82,600

% towards Veh. Mods

80% 99% 81% 74%

New Model Proposed

6

• 2012, approached our champion, David Lentini, with proposal for a new model:• our application, our loan approval process,

CBT’s money

• Selling points:• Default rate lower than the nat’l average of

AFPs• Secured loans would be in their name• We would pay a % of balance for defaulted

loans (after collections)

Change happens ... Again

7

• David said yes, but ...

• New contract for max of $300,000 of bank’s money

• We recommend approval to bank, they can decline a loan, but they haven’t yet,

• We can still lend our money as a revolving loan.

ATLP – Under Current Model

8

2013 2014 2015

Approved 8 6 6

Rejected 6 0 1

Total: $88,100 $83,700 $110,658

% towards Veh. Mods

93% 61% 95%

ATLP – Under Current Model

9

• Our portfolio continues to increase with repayment of older loans from revolving loan model

• We are getting interest on Money Market and CD

• Our contract was extended for 2 additional years through 2016

ATLP – Current Status

10

• 36 Revolving Loans ($297,310)• 5 Paid in full in 2015• 5 defaults/write offs in 2015

• 8 Partnership Loans ($144,163)

• $300,000 to lend of Berkshire Bank’s $$$

• Current portfolio: $1,555,592