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How is the loan forgiven?

A portion of the loan may be forgiven (see loan forgiveness schedule). The forgivable portion of the loan will be reduced in equal amounts over a 5 year period provided the borrower is in compliance with all loan covenants (including but not limited to job creation). Or, if the borrower repays the non-forgivable portion of the loan on or before the project completion date the entire forgivable portion of the loan will be forgiven upon such repayment; however, if the borrower does not comply with all loan covenants within a 5 year period the forgivable portion will be reinstated and be immediately due and payable.