Grants 101

Grants 101

Grants 101

Understanding Grants and why did Government Deals put this section together.

What is a grant?

A grant is a financial amount given to you, organization, or business to help to develop or grow.  Grants can be for education or research and development or whatever the grant was for.  Grants don’t have to be paid back.  They’re not loans.

What Are The 4 Types Of Grants?

Most people don’t know that there are 4 types of grants:

Competitive Grants

When an agency or entity has a certain amount of money to distribute to 1 or more applicants theres usually a competitive grant process.  What this means is that the agency or entity that’s distributing the grant will review all applicants information and will decide which will receive the grant.  In a competitive grant applicants are competing against 1 another.  So therefore the award will go to the agencies, individuals, corporations etc that they choose.

Formula Grants

Allocations of federal funding to states, territories, or local units of government determined by distribution formulas in the authorizing legislation and regulations. To receive a formula grant, the entity must meet all the eligibility criteria for the program, which are pre-determined and not open to discretionary funding decisions.Formula grants typically fund activities of a continuing nature and may not be confined to a specific project. Common elements in formulas include population, proportion of population below the poverty line, and other demographic information.

Continuation Grants

An extension or renewal of existing program funding for one or more additional budget period(s) that would otherwise expire. Continuation grants are typically available to existing recipients of discretionary, multi-year projects; however, new applicants may be considered.Receipt of a continuation grant is usually based on availability of funds, project performance, and compliance with progress and financial reporting requirements. Applications for continuation may compete with other continuation requests submitted to the awarding agency.

Pass-Through Grants

Funds issued by a federal agency to a state agency or institution that are then transferred to other state agencies, units of local government, or other eligible groups per the award eligibility terms. The state agency or institution is referred to as the “prime recipient” of the pass-through funds. The secondary recipients are referred to as “subrecipients.” The prime recipient issues the subawards as competitive or noncompetitive as dictated by the prime award terms and authorizing legislation.

How Do I Get A Grant?

First of all you need to know what you need the money for. whether you need to start a business, need education, service a community in need.  Whatever the reason for money could be.    Then you can do an online search for grants that would serve that purpose.  Or you can join us and go through the links we provide.  We have more than 100 links.

How Many Grants Are Available?

We can’t tell you how many grants there are because we don’t know.  The federal government, America’s largest companies, family endowments and states provide grants.  We can’t help you with how many are out there, all we can say is don’t worry about that and just concentrate on what kind of grant you need.

Is It Easy To Receive A Grant?

It’s a process that has to be followed to receive a grant.  First you have to find the entity with the grant that you need, follow all of their steps.  Make certain that you follow the instructions and applications precisely.  If there’s a specific date that something must be submitted make certain that it’s submitted on time.  Grants usually have a deadline date to apply don’t miss that date or you might have to wait for the grant to open up again.

What Kind’s Of Grants Are Available?

There are all types of grants, business, art and museum, research and development, education, medical, community grants and more.  Organizations, government, and private individuals can set up any kind of grant they want, to serve the purpose that they feel needs some assistance.

What Can I Do With My Grant Money?

If you did the research to receive a grant, make certain you do what the grant was given to you to do.  If you received a grant to do research and development don’t use the money to go to the Bahamas.

What’s The Difference Between A Grant And A Loan?

The first and main difference between a grant and a loan is that the grant doesn’t have to be paid back.  Also loans have interest rates, amortization, can be sold and many times have a note (promise to pay it back) attached.

Government Grants

The United States government is the biggest individual provider of grants.

Private Grants

Theses are endowments from families or groups of individuals.  You would find many of these for PBS productions, museums and art galleries,

Corporate Grants

These are Americas corporations and multi-national corporations.  Did you know that many of Americas fortune 500 companies and other companies have grants that they offer to the public?

We need you to know that not all grants are for individuals. Some grants are only for organizations, and municipalities. If you find them don’t be bothered. Use the information to help others.  Some people and companies make money preparing grant packages for others.

 

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