What is the difference between start up business loans and grants?
Start up business loans are offered by the government and need to be paid back, while grants are also offered by the government and do not need to be paid back. Grants may need to be spent on a more specific thing, such as advertising or equipment, while loans are allowed to be spent on more general purposes. If you need money to grow your business, either option could help you depending on your specific situation. Loans from the government are generally offered at more favourable interest rates than bank loans, and have differing eligibility requirements, so even if you have been rejected before by the bank you may be able to get one. Grants are given based on the merits of your proposal as well as your eligibility and may be more selective. To learn more about the specific funding options available, please fill out the form on our website or call us at (toll free) 1800 198 794 to speak with a representative here at the Australian Business Funding Centre.
