The Iowa Able Foundation

Since 2004, Iowa Able has provided an accessible borrowing option for Iowans with disabilities. These individuals come from all backgrounds, credit scores, and communities but have one thing in common - their needs are not met through traditional financial institutions.

Iowa Able is a non-profit lender focused on providing financial services and education necessary for persons with disabilities to build credit as an asset while attaining the assets needed to live and work in Iowa communities.  Persons with disabilities have extraordinary needs both in terms of borrowing capacity and the credit necessary to secure traditional bank financing.  When these borrowers need help, Iowa Able is there to serve them with comprehensive financial education and access to credit.

As a Iowa regulated, non-bank lender, Iowa Able provides loans for the purchase of everything from assistive technology to business start up funding.  To Iowans with Disabilities, the purpose for these loans is simple – to provide a hand-up, not a hand-out, to those in need of credit as a means to more fully participate in Iowa communities. These loans help people start businesses, return to work, parent their children, care for themselves and contribute positively to their community.

Iowa Able has deployed nearly $1 million for modified vehicles, home modifications and repairs, assistive technology, and business startup and expansion. Loans are made at interest rates comparable to local banks. Iowa Able uses traditional underwriting methodology incorporating intuitive review practices to determine loan eligibility. Many loans require non-traditional ways of proving financial accountability.

Nearly 90% of Iowa Able loans would not be made by a traditional lending institution. Typical non-bank lending default rates on consumer loans range from 7-12%. Iowa Able has a 3.8% default rate.  The operating model for Iowa Able provides revenue for the organization through donations, grants and the interest charged on loans.

Iowa Able provides one of the many services needed for individuals with disabilities planning on starting a business in Iowa.  Partner service providers include The Abilities Fund, the Iowa Credit Union Foundation, and the Iowa Program for Assistive Technology.