New interest rate for state’s assistive technology loan program
The Kentucky Assistive Technology Loan Corporation (KATLC) announced a new agreement today with its lending partner, Fifth Third Bank of Kentucky. The two-year agreement includes a locked-in rate of 5.5 percent, which is currently 2.25 percent below prime lending rate (now at 7.75 percent).
Program Director Dave Matheis says that even though this is a slight increase over the current rate, the program is very happy with the new agreement. “With the increases to the prime-lending rate over the past year some rise in KATLC's rate was inevitable,” Matheis said. “Fortunately, the increase was kept to a minimum. In today's lending environment, an interest rate of 5.5 percent remains very attractive. KATLC is very pleased that it will be able to offer this rate to customers for two years as the new agreement with Fifth Third Bank will run through June 30, 2008.”
KATLC operates in partnership with the Kentucky Office of Vocational Rehabilitation. The corporation offers low interest loans through its lending partner Fifth Third Bank for qualified applicants who need any type of equipment or home modification that will increase a person's mobility or enable them to become more independent. For more information or to receive an application call toll free at 1-877-675-0195.
The Office of Vocational Rehabilitation, an agency of the Education Cabinet’s Department for Workforce Investment, assists Kentuckians with disabilities to achieve gainful employment and independence. For more information about services, call the department toll free at 1-800-372-7172 or at 1-888-420-9874 (TDD) or visit the OVR Web site at www.ovr.ky.gov.
The Kentucky Education Cabinet coordinates learning programs from P-16 and manages and supports training and employment functions in the Department for Workforce Investment. For more information about our programs, visit www.educationcabinet.ky.gov or www.workforce.ky.gov, or call 502-564-6606.