*** mPower Loan Program ***
On Nov 21, 2013, Maine CITE sponsored a webinar about the mPower Loan Program with Jeremy Libby from Alpha One as the presenter.
The live webinar was recorded and it is archived on the following website:
Over the 20 + years that the mPower program has been lending money to Maine people with disabilities and their families, more than 2100 loans have been made and more that $23 million dollars has been loaned out.
Loans can be from $250 up to $100,000.
The Board is made up of 9 people appointed to terms by the governor, 5 of whom are people with disabilities and use adaptive equipment/technology.
Since mpower loans are made with low interest and affordable terms, the great majority of loans (there is a very low default rate) are paid back into the fund, creating more money for others to borrow and growing/sustaining the fund balance.
It is a nationally known program. It was the first of its type when it was created in 1988 and now there are more than 40 Loan programs of this type across the country.
Also, of interest to Maine consumers may the “Financial Freedom” Guide that is available on the Alpha One website which gives consumers/families a great amount of information about financial literacy. Loan programs from other states are using this guide for their consumers.
Check out the following sites for more details.