CAMI renewed to provide loans for persons with disabilities

The Council on Developmental Disabilities has reauthorized the Coalition for Anti-Stigma of Mental Illness in the CNMI to serve as the main community-based organization that provides people with disabilities loans at a very low interest.

The memorandum of agreement between CDD and CAMI allows the latter to continue handling the Trankilu Alternative Financing Program. The program provides loans to residents of the CNMI with disabilities for the purchase of assistive technology such as wheelchairs.

The Trankilu program provides alternative means to finance the purchase of assistive technology devices that are relied on by people with disabilities to function independently throughout their daily lives.

Council executive director Pamela Sablan said in their board meeting last Friday that board members approved the memorandum for CAMI to continue being the organization providing the loan. The memorandum is for a two-year term, from Feb. 4, 2015, to Feb. 4, 2017.

Council chair Thomas Camacho said that CAMI goes through an annual renewal with the council since CDD is a recipient of the U.S Department of Education federal grant called Alternative Financing Mechanisms Program under Title III of the Assistive Technology Act of 1998 that is administered by the Rehabilitation Services Administration.

According to Sablan, CAMI has been running the program since 2005. Prior to September 2003, the National Institute on Disability Rehabilitation and Research caned CDD as the recipient of the grant, amounting to a little over $500,000.

Loan program
CAMI program coordinator Elena Sutton said the loan program has been successful so far and has had no defaults since it was introduced.

The loans have an affordable interest rate of 7 percent.

Sutton said they work with the selected local financial lending institution, which is Bank of Saipan. People with disabilities needing a loan can go to BoS and, if they aren’t approved, BoS will forward them to CAMI.

Sutton said they have some $300,000 available with BoS. So far, one applicant is now up for review. Last year CAMI had four.

“They have to be disabled before applying for the grant. BoS would require credit history or good credit score for loans, whereas if the person with disability needs the loan but has no credit history, they can come to us to apply for the loan through BoS. We will review it, depending on income,” she said.

Sutton said that if the person with disability cannot pay, CAMI will be the collateral to go and collect the payments from the clients themselves.

Sutton noted that some of the loan requests depend on what assistive technology is needed. This includes training for a certain assistive technology, or modification of homes for a person with a disability.