Resources

What can I purchase with a Telework loan?

Loan funds can be used to purchase equipment, training to use equipment, extended warranties, and cost of maintenance and repairs. This may include, but is not limited to:

• Computers, printers, and software
• Scanners, fax, and office machines
• Tools and equipment
• Telecommunication devices
• Office furniture
• Home modifications to create an accessible home office
• Assistive technology that enables an individual with a disability to work at home

Are there conditions for approval of Telework loans?

A Telework loan will generally be considered favorable if the equipment to be purchased with the loan will assist you to do at least one of the following:

• Begin Telework for an employer when you were previously unemployed
• Increase income in an existing job through Telework
• Remain employed at your current level, and prevent job loss or a reduction in earnings, through Telework
• Begin working at home to accommodate your disability
• Initiate or expand home-based self-employment with an approved business plan

How much can I borrow and at what interest rate and terms?

You can apply for the amount you need, but actual loan amounts will depend on the item purchased and your ability to repay the loan. The interest rate is 2% points above prime. For example, if the prime rate is 4.75%, the interest rate for a Telework loan would be 6.75%. Term lengths depend on the amount of the loan and the item purchased.

What if my credit is bad?

If you have bad credit, including bankruptcy, your application will still be considered. The focus is on your ability to make the monthly payments to pay back the loan.

How do I apply?

Compass IL can answer your questions and take applications. Call us at:
715-233-1070 (V/TTY)
800-228-3287 (V/TTY)

The program is made possible through a grant from Rehabilitative Services Administration and authorized by section 303(b) of the Rehabilitation Act of 1973, as amended and implemented by subsequent program regulation 34 CFR Part 373. The Department of Workforce Development – Division of Rehabilitation received the grant and provides programmatic and fiscal oversight. IndependenceFirst, a community based and consumer-controlled Independent Living Center based in Milwaukee, administers the program in partnership with M & I Marshall & Ilsley Bank and seven Independent Living Centers.

Examples of Telework loans

• Lawn Care/Snow Removal Business (Options) — Individual with multiple sclerosis was approved for $4,610 in telework loan funds to purchase a Sportsman 4-wheeler with plow and trailer to expand his seasonal lawn care business by doing snow removal. This individual paid off his loan within one month and reapplied for another loan in the amount of $1,470 to purchase a computer for his business. He has paid the second loan off as well.
• Computer Repair and Technical Consulting Business (IF) — Individual with a mental health disability was approved for $15,500 in Telework loan funds to purchase a vehicle needed for her computer business. She was also approved for a Plan for Achieving Self-Support (PASS) through SSA, so she was able to pay her Telework loan with monies from her PASS