Difference Between Grant and Loan
Grants and loans are both types of financial aid that can help people, businesses, and organisations pay for their needs. However, they are different in terms of how they are given, how they are paid back, and who is eligible for them. Grants are money that doesn’t have to be paid back. They can be given by governments, foundations, or other groups to help with projects, programmes, or initiatives. They are usually given out based on merit, need, or a mix of the two. Grants can be used for many things, like education, scientific research, community building, or business. Grant recipients usually have to meet specific criteria, follow certain rules, and send progress reports to ensure the money is used for what it was meant to.