FundAbility New Mexico is a financial loan program that enables people to purchase equipment they might not otherwise be able to access.
Recipients of FundAbility loans are solely responsible for paying off the loan in full. Below is the application and loan process.
Get Started on the Loan Process
People with disabilities who are legal residents of New Mexico can apply for loans for devices they need.
Assistive Technology, for the purpose of this program, is defined as any device that helps a person with a disability live more independently and productively.
Applicant Meets with FundAbility
A member of our team will review your application, current budget, loan amount, and the assistive device you wish to purchase with your FundAbility loan. Applicants will also be provided with guidance about other potential resources for the devices, especially if free or low-cost options are available. You will also be offered insight into financial literacy, so you can better understand the financial loan you are applying for and how it would fit into your budget.
Pre-Qualification
After the initial meeting, the FundAbility team will run a credit history. If the team doesn’t see any red flags that would preclude funding, the application will be sent to our loan committee.
Loan Committee Review
The FundAbility Loan Committee reviews every application and makes the decision on who qualifies for funding. This group has financial expertise, and half of the committee has a disabling condition themselves, so they understand the challenges faced by the disability community. The committee has the right to ask further questions of applicants or to deny or approve loan applications.
Bank Loan
Based on the committee’s recommendation, if you are approved, your application will be given to one of the banks or credit unions that works with FundAbility. The financial institution will work with you to determine the final payment schedule, and you will sign loan documents directly with that financial institution. FundAbility supports the loans with collateral to enable you to borrow funds; however, the loan is yours alone to repay in full. FundAbility is informed when payments lapse or if you are on track to repay the loan. Our manager can also provide ongoing support and budget reviews.
Bank Loan is Fully Paid Off
As with all bank loans, when the loan is fully repaid, the assistive device purchased with the loan is yours to keep.
