What is a Grant?

Have you ever heard about a company or individual getting a grant to do something, like starting a business or inventing something? Have you ever thought, “What is a grant?” “Who gives it?”, “Can I get one too?”. Read on and find the answers to these questions and more.

What is a Grant?

A grant, usually monetary (money/funds), is given to individuals, companies, and organizations so they can create products or services that can help the economy and make the everyday life of people easier.

Difference between Grants and Sponsorship

A grant is different from a sponsorship. The government or private companies usually give grants to fund long-term projects for a specific purpose. On the other hand, a sponsorship is for short, one-time events and can be used for various purposes.

Types of Grants

• Discretionary Grants: Grants obtained through competition.
• **Formula Grants:**The government uses specific formulas to decide the recipients. There is no application process.
• **Student Loans/Grants:**Are given by the government or private colleges to help students attend and afford college.

Phases of Grants

• **Pre-Award Phase:**Apply for a grant.
• Award Phase: After receiving a grant, start working on your project and meet any set requirements.
• **Post-Award Phase:**Keep your grantor updated on your progress and give timely reports whenever asked.

How to Apply for a Grant

Have a great idea and want to be funded? Here are simple steps to applying for a grant:

1. Find a grantor willing to give grants for your idea’s category (Ex: If you have an idea for a lawn mower, you should look for grantors that are willing to give grants for something related to “Home and gardening”).
2. Get to know all the requirements, and check whether you meet them.
3. Contact the grantor and ask if you are eligible.
4. Follow the listed process strictly.
5. Follow up with the grantor after receiving the grant if necessary.

Helpful Links

-https://www.grants.gov/learn-grants/grants-101/grant-lifecycle.html

-https://www.grants.gov/web/grants/applicants/registration.html

-https://www.alliedgrantwriters.com/how-to-ask-for-a-grant-steps-follow/

-https://usafundingapplications.org/v9/b/