It is a known fact that 20% of the population has a disability of one form or another, so it is a significant percentage of the population that we could possibly cater for. However not all people with disabilities would qualify for Paraloan's assistance.
Paraloan has had a significant positive impact on the physically disabled community since its inception in 1974. However the impact could be far greater with additional financial resources from grants, donations and bequests.
The two hardest things that Paraloan has found have been:
1. Obtaining sufficient funding
Building up sufficient funds to service all loans that Paraloan could presumably furnish is one of the challenges. Increased funding would lead to a greater positive impact as more loans could be approved, and larger loans could be offered to match increased house prices.
"When I started with the Foundation 25 years ago, there was a $20,000 lending limit [predominantly second mortgages]. Now the Foundation has several loans over $300,000 and many are first mortgages." - Terry Warren, Retired Foundation Secretary and Treasurer.
2. Raising public awareness of our existence
Reaching out to the whole of the physically disabled community and letting them know what we can offer in terms of finance and financial guidance is the second challenge.
"I have found that they [the physically disabled community] are particularly vulnerable to onerous debt." - Terry Warren, Retired Foundation Secretary and Treasurer.