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Massachusetts Alternative Finance Program

Massachusetts Alternative Finance Program Eligibility

The financial loan program provides low-interest loans of $2,000 or more for the purchase of assistive technology products and services. Most items defined as assistive technology are allowed.

Program Eligibility Requirements:

  • The applicant or AT user must be a Massachusetts resident.
  • The requested loan must be more than $2000.
  • The applicant must complete the entire application, including all supporting documents, and be sure that all materials are legible. Illegible material submissions will be returned for clarification.
  • A credit check of the applicant and/or co-applicant is required.
  • The applicant and/or co-applicant must meet specific creditworthiness criteria to be considered.
  • Most assistive technology devices or services are eligible.

Other Financial Loan Program Details:

  • Berkshire Bank is the lending partner for the financial loan program.
  • Berkshire Bank makes loan acceptance or denial decisions.
  • Berkshire Bank does not receive your disability information. Only the relevant financial information is sent.
  • The loan interest rate is 3.75%  for the life of the loan.
  • There is no prepayment penalty.
  • An automatic checking account deduction system is available.
  • The payback loan terms depend on the type of assistive technology device or service. Please contact the MAFP Manager or Coordinator for loan term details.
  • Temporary home modifications are eligible. Contact the MAFP Coordinator for specific details.
  • Loan acceptance or denial decisions are provided within 48-72 hours of the loan packet delivery to Berkshire Bank.
  • If approved, a Berkshire Bank representative will contact the applicant in 5-7 business days from the approval date.
  • If denied by Berkshire Bank, loan application details are sent to the MAFP Review Committee for Guaranteed Approval. Contact the MAFP Coordinator for more information regarding the Review Committee Guaranteed Approval process.

Loan Terms

Type of Equipment: Loan Term in Years

  • Vehicle *Berkshire Bank requests vehicles no older than 5 years. The Review Committee will consider low-mileage vehicles more than 5 years old.
    • New: 8 years
    • Used (if the vehicle has under 50,000 miles): 7 years
    • Used (if the vehicle has over 50,000 miles): 6 years
    • The program does not support vehicles over 100k miles
  • Hearing Aid: 5 years
  • Mobility Aid: 5 years
  • Communication Aid: 4 years
  • Vision Aid: 4 years
  • Computer Equipment: 3 years

For private sale vehicles, please see the following information:

  • Rather than a P&S agreement, we would need a Bill of Sale. The Bill of Sale should include:
    • Vehicle information: year/make/model/miles/VIN #/purchase price
    • Signature and date by both parties: buyer and seller
    • Bill of sale needs to be notarized
    • Title for vehicle needs to be free and clear