The conversation between human and AI assistant.
What is the difference between line of credit and grant?
That makes sense. Can you give me an example of when someone might use a line of credit versus a grant?
Yes. Let's say a small business needs funds for various expenses like inventory and payroll. They might use a line of credit to borrow money as needed to cover these expenses. On the other hand, a nonprofit organization may apply for a grant to fund a specific program or project, like building a community center or running a youth mentorship program.