Do you know what grants are? Do you know its meaning? Is it like a loan? Well, you will be able to find the answers as you continue reading. A lot of people give the wrong definition about grants. They thought that grants are just like loans that once you get it, you have to reimburse the amount that you borrowed and of course with interest. In simple words, grants are not entitlements or benefits. Grants are financial aid from an agency of the government who will give to a bonafied receiver who aims to make a project that will benefit the public. The purpose of the receiver who will accept a specific grant must see to it that he or she must help the economic stability of the state or the whole country.
Government grants are very accessible to anyone. This can be offered to individual or an institute and they will use these grants for a specific purpose like financing a charity, facility or business. Grants aren’t made to make people lazy and depend themselves to government. Grants aim to aid each people who need it and encourage them to come up with activities and programs that can be very essential to the country’s economy. But please be advised that grants are limited and you have to determine your eligibility before submitting all the necessary requirements for your application.
There’s no need for you to reimburse the grant that will be offered to you provided that the amount that was provided will be utilized for the main reason why grants are made. Normally, federal government doesn’t give grants directly to individuals excluding student or educational grant. Victims of disasters and calamities who want to put up a small business is another example of situation applicable for individual grants. Most of the time, grants are made available for institutions or organizations that will provide services for the society’s growth. The organization’s vision and mission must be in shape with government’s aim for the society.
Grants are originally formulated to provide financial support for institutions and not always accessible for individuals. But things just changed over the past years where grants can be offered equally on both parties. When the establishment of grants started, it was generally funded through the national fund. But today, some of the funds came from counties, cities and states. Besides, private corporation and non-profit institutions can also give additional fund. Here are some of the companies that primarily help and sponsor the program for grant-making:
- GE or General Electric
Each of its corporate foundation works thoroughly to endow with financial aid to fulfill the government’s aim of helping one another for progress and development. For the past years, grants that can be accessed are only few. Nowadays, there are more than 10,000 various grants that you can choose from. Most of the grant program mainly focuses in women and minorities today.
Some Grant Programs In United States (North America)
In United States, their funds for grants are not just coming from a sole department of the government. Funds came directly from a very wide variety of departments of the government as well as foundations from both public and private.
The government provides educational grants to many students provided that they will attend institutions for post secondary education. There are times that some of the funds for government loan is provided as grant in particular cases where students are eligible for that education grant and looking for financial help to support their needs for studying.
Once you already applied for a specific grant or two and have it, it’s very essential for you to make sure that you will submit your annual reports and documents to let the government know if your proposed program works well for you and for the society.