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If on or before January 18, 2024, 75% of the $40,000 loan is repaid, 25% will be forgiven. For the $20,000 expansion loan, 50% must be repaid by January. 18, 2024, for the remaining 50% to be forgiven.
If the repayment incentive percentages are not met by January 18, 2024, the full loan will extend on January 19, 2024. Extended terms require the borrower to make blended monthly payments of principal & interest at a fixed rate of 5%, with first payment being due January 31, 2024 to December 31, 2026.
Contact us today for updated balances, to confirm repayment percentages, or to make payment arrangements.
Ph: 780-349-2903 or E:
