{"id":9014,"date":"2023-10-03T03:52:35","date_gmt":"2023-10-03T03:52:35","guid":{"rendered":"https:\/\/ownr.co\/blog\/?p=9014"},"modified":"2025-04-22T14:15:57","modified_gmt":"2025-04-22T14:15:57","slug":"grants-loans-whats-the-difference","status":"publish","type":"post","link":"https:\/\/www.ownr.co\/blog\/grants-loans-whats-the-difference\/","title":{"rendered":"Grant vs Loan: What&#8217;s the Difference?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Whether you need a boost of capital to get your startup off the ground, or are an experienced entrepreneur ready to expand, at some point, most business owners need funding from an external source. Many will have to decide between a grant vs loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The main difference between a grant and a loan is repayment. A grant is free funding that does not require repayment, often provided by governments or organizations. A loan must be repaid with interest over time. Grants are typically need-based, while loans depend on creditworthiness and repayment ability.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Loans and grants are two of the most common ways to bankroll your business. Although the two are similar, there are a few important differences to understand before you decide which is the best option for your business.<br \/>\n<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is a grant?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A grant is a sum of money awarded to individuals, businesses, or institutions for a specific purpose. A grant is free financial assistance that does not need to be paid back, but the receiver does need to meet certain criteria in order to secure one.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Grants are commonly given by government departments, trusts, or corporations. Business owners typically need to submit an application in order to apply for a grant. The <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/small-business-grants-canada-list\/\&quot;"><span style=\"font-weight: 400;\">grant application process<\/span><\/a><span style=\"font-weight: 400;\"> can often be long, requiring large amounts of paperwork and a lengthy selection process as candidates are evaluated and shortlisted.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Advantages of a grant<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Grants don\u2019t need to be repaid, which means you don\u2019t need to factor monthly payments into your <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/business-plan-guide\/\&quot;"><span style=\"font-weight: 400;\">business plan<\/span><\/a><span style=\"font-weight: 400;\"> or worry about managing debt.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Unlike loans, which could impact your credit rating if not repaid, grants are free of financial risk.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Winning a grant often comes with positive publicity and prestige for you and your business.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Disadvantages of a grant<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Meeting the minimum qualifications for a grant doesn\u2019t mean you\u2019ll actually receive one. Competition for grants can be high and they can be difficult to obtain.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The process to receive a grant can be slower compared to the steps needed to secure a loan, which could be a drawback if your business needs funds immediately.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Grant applications can be complex and lengthy, sometimes requiring applicants to hire a grant writer or expert to help navigate the process.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The amount of money available through a grant is fixed and it\u2019s typically less than an average loan amount, so a grant alone may not be enough to finance your business goals.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">What is a loan?<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A loan is a sum of money temporarily given to an individual or business with the requirement that it be paid back, with interest, within a certain time period. Loans are typically given by banks, but private lenders or individuals, such as family and friends, can also offer loans.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A loan can be used for a range of purposes, from expanding your business to funding a marketing campaign. If the loan recipient fails to repay the funds, the lender may have the right to take their assets as a way of recouping the debt.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Advantages of a loan<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Loans are virtually limitless in number provided that you qualify for them, compared to the finite number of grants available, which means they offer more opportunities to successfully secure funding.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Entrepreneurs can apply for as much loan funding as they need to finance their business development, as opposed to the amount of money available through grants, which is fixed.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">While there\u2019s certainly plenty of paperwork involved in applying for a loan, many entrepreneurs find <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/questions-to-ask-when-applying-for-loan\/\&quot;"><span style=\"font-weight: 400;\">the application process<\/span><\/a><span style=\"font-weight: 400;\"> simpler than putting together a grant application.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Loan funding can be obtained fairly quickly, compared to grants which often take a long time to receive.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Disadvantages of a loan<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Loan funding needs to be paid back, which means your business has to generate enough revenue for you to comfortably make monthly payments without stretching your finances.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Borrowers often need to provide collateral in case they are unable to repay their loan, which means putting your assets, such as property, at risk.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">What is the difference between a grant and a loan?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The primary difference between a grant and a loan is that a loan must be repaid eventually, while a grant is essentially a gift of money.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Grants and loans also tend to come from different sources. Grants are most often distributed by the government or foundations and non-profit organizations. Loans, on the other hand, usually come from financial institutions.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Business loan types<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Let\u2019s take a closer look at the different kinds of loans to see if one is the right fit for your business.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Bank loans<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Banks are the most common and reliable source of funding for small businesses. There are a range of loan types available from banks, including term loans, which are repaid over a specified time period through monthly payments. Banks also offer business lines of credit, which are similar to credit cards, giving the borrower access to a specified amount of money at any time. The borrower repays the amount they use via monthly payments.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Government small business loans<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There are a number of loans business owners can apply for through the federal and provincial governments. One of the most notable is the <\/span><a href="\&quot;https:\/\/www.ic.gc.ca\/eic\/site\/csbfp-pfpec.nsf\/eng\/home\&quot;"><span style=\"font-weight: 400;\">Canada Small Business Financing Program<\/span><\/a><span style=\"font-weight: 400;\">, which is available for Canadian small businesses with gross annual revenues of less than $10 million. This program makes loans more accessible for entrepreneurs since the government shares the risk with a financial institution.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The government also offers loans through the <\/span><a href="\&quot;https:\/\/www.bdc.ca\/en\&quot;"><span style=\"font-weight: 400;\">Business Development Bank of Canada (BDC)<\/span><\/a><span style=\"font-weight: 400;\">, which provides funding of up to $100,000 for small businesses at various stages of development.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Alternative lender loans<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Alternative lenders are types of companies, other than traditional banks, that can provide loans. They often offer similar types of loans as banks, such as term loans and lines of credit, as well as innovative funding solutions such as peer-to-peer loans, which bring together borrowers and investors via an online platform.\u00a0\u00a0\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Business grants types<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Canadian business owners may be eligible for hundreds of different grants depending on their industry, but most grants can be categorized into three main types based on their source.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Federal and provincial government grants<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Federal and provincial government grants provide funding for a wide range of industries. From wage subsidies to financing for research, there\u2019s a huge variety of government grants available for small businesses of all kinds and sizes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The easiest way to narrow down the long list of government grants available is to <\/span><a href="\&quot;https:\/\/innovation.ised-isde.canada.ca\/s\/?language=en_CA\&quot;"><span style=\"font-weight: 400;\">search via the official government website<\/span><\/a><span style=\"font-weight: 400;\">, which will show you grants your business may be eligible for based on your industry, needs, and goals.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Private-sector funding<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Private-sector funding is financing provided by an individual or private company. There are several common sources for private-sector grants:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Business incubator:<\/b><span style=\"font-weight: 400;\"> An organization that helps drive the growth of new companies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Business accelerators: <\/b><span style=\"font-weight: 400;\">Similar to a business incubator, business accelerators support companies with funding, mentorship, office space, and other important assets. Accelerators typically work with companies that are further along in their business plan than incubators.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Angel investors:<\/b><span style=\"font-weight: 400;\"> Wealthy individuals who choose to invest their money in small businesses. Grants from angel investors can come as one-time cash gifts or as regular payments. In addition to money, angel investors often provide support with mentorship and networking, and usually expect to receive a stake in your company in return.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Nonprofit funding<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Many types of nonprofit organizations in Canada offer grants for small businesses. Some common nonprofits that provide grants include associations, business development corporations, centres of excellence, private foundations, and universities. The types of nonprofit funding for which your business may be eligible will depend on your industry and business goals.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to choose between a loan and a grant<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here are a few points to consider when deciding whether to apply for a loan or a grant.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">How much money does your business need?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Consider which business goals you hope to achieve through financing and how much money you require to achieve them. Grants, which tend to be smaller, fixed amounts, may not provide all of the funding your business needs to get to that next step.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s also a good idea to outline the monthly payment amount you can reasonably afford. If you\u2019re concerned about your ability to make monthly payments on a loan, a grant may be a better option since you won\u2019t need to repay the money..\u00a0\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What\u2019s your funding timeline?<\/span><b><br \/>\n<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Think about how soon your business needs this influx of capital. It often takes longer to be approved and receive funds from a grant than a loan, making grants better suited to businesses that don\u2019t have an urgent need for capital. If you need money as soon as possible, a loan may be a better option.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What is your eligibility?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Grants and loans have specific, but different, eligibility requirements. Grants are often tied to the location and industry of your business and typically focus on what you plan to do with the funding, which usually needs to contribute to some kind of public good.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lenders, by contrast, usually focus on your overall financial health and how you will repay the money. You may decide that a grant or a loan is a better fit for your business based on which you are more likely to qualify to receive.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whatever type of funding is right for your business, securing the capital you need to achieve your goals can be an exciting step toward taking your business to the next level of success.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When weighing up a grant vs loan, we&#8217;ve got everything you need to know about choosing the right kind of funding for your business.<\/p>\n","protected":false},"author":5,"featured_media":9015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[975],"tags":[343],"class_list":["post-9014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-getting-funded","tag-grants-vs-loans"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Grant vs Loan: What&#039;s the Difference? | Ownr Blog<\/title>\n<meta name=\"description\" content=\"When weighing up a grant vs loan, we&#039;ve got 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