Canadian Government Grants and Loans

The Canadian government has been known to provide free government grants and loans to its citizens. The government, therefore, gives financial aid to its needy citizens, upon applying for the same. Most information about the aid given and how to get it is got from the Canadian Subsidy Directory. It is, however, important for us to understand what the difference is between the grants and loans offered by the government.

A grant is financial aid, which is offered for free. In other words, once offered, the receiver does not have to worry about paying it back. In addition, for a person to be offered a grant, they do not have to be financially sound in any manner. In other words, there is no need for collateral and sound financial bases in qualifying for a grant. Examples of grants include college grants, small business grants and women grants among others. It is, however, important to note that, in most instances, the free government grants may not be enough to solve certain problems. Citizens, therefore find that in addition to the grant, they have to go ahead and apply for a government loan. This additional funding will help solve a number of financial problems.

On the other hand, a government loan is offered as aid that has to be paid back with interest. Here, the government offers its citizens low interest loans that can help them solve whichever problems they might have. The advantage of having a government loan as compared to others is that the loan attracts a very low interest rate. In addition, if the loan is got for college education, the interest does not start to accumulate till after the student has graduated. The loans are, therefore, more lenient.

The Canadian government grants and loans are offered to a number of people. These include college students, women, small businesses, the handicapped, research firms and families among others. In addition, this aid is offered through government agencies and departments like, housing, humanities, legal services, information, science and technology, regional improvement and transportation among others. Therefore, when there is need for a government loan or grant, these agencies are approached according to need. For example, if the grant or loan required is for housing, you can approach the department of housing. In addition, if you seek a small business grant, you can approach any one of the different government departments.

Therefore, when considering the acquisition of a Canadian government grant or loan, you should do your homework. Find out which financial aid is available, and from whom it can be got. You should also take the time to read about the different qualifications requires for these grants and the conditions attached thereto. It is, therefore, noted that the Canadian government grants and loans are easy to access and they are offered to a wide range of people.