Is a forgivable loan the same thing as a grant?
No. The forgivable loan is still a loan with loan documents, collateral, payment plan and all the other conditions of a normal loan. However, with a forgivable loan, there is a fund set up to make payments on your behalf as long as you meet the program conditions. You must participate in our empowerment program. If your loan is partially forgivable (i.e. the forgivable fund is making some of the payments and you're making some of the payments), you must stay current on your payments. If you do not meet the conditions at any point in the loan term, your loan will revert to a non-forgivable loan and you will be obligated to pay the balance in full.