Frequently Asked Questions

What can be purchased with your loans?

NewWell Fund loans can be used for a variety of special equipment items. These may include loans for technology like motorized scooters and wheelchairs, vision and hearing aids, computers with special software, communication devices, and even home and vehicle modifications.

Telework loans are also available for Virginias with disabilities that have or want to start a home based business and need funding for equipment, supplies, or inventory.

What forms do I complete?

All applicants must complete our personal information application along with the appropriate consumer loan application depending on the amount borrowed. Each applicant must include:
- a written vendor quote for the assistive technology he/she needs,
- proof of identity (copy of driver’s license or identification card issued by Department of Motor Vehicles),
- and proof of income (pay stubs, SSDI statement, or W-2).
Each applicant must also provide proof of the disability related to their request (doctor’s report, OT/PT evaluation, or prescription for equipment).

How do I know if I am eligible?

Any Virginia resident with a disability, or a caregiver of a person of any age with a disability, can apply for a low interest loan to purchase assistive technology. However, completion of applications does not guarantee a request will be approved. Loan approval is based on the applicant’s credit score, credit history, and debt to income ratio. The NewWell Fund will consider applicants with no or poor credit history. We will also give special consideration to applicants struggling with credit hardships due to disability and medically related issues.

How much can I borrow?

There is no minimum amount. Individuals can borrow up to $30,000 and beyond with exceptions. Loans up to $15,000 can be made directly by The NewWell Fund, while larger loans are processed by our financial partner.

What is the interest rate?

Loan interest rates and terms are based on several factors. Requests for less than $15,000 have an interest rate of 5% with a repayment term of up to five years. Rates and repayment terms on larger loan requests are set by our financial partner.

How long will my request take to be processed?

Your application will not be processed until we have received all of the required documentation. Loan requests exceeding $15,000 are referred to our financial partner and applicants can anticipate a decision in one to two days. Direct loan requests are evaluated by our loan committee on a regular basis. Applications that are declined by our financial partner will also be reviewed by our loan committee for consideration under its loan guarantee program.