Grants from the government are gifts or awards to qualified residents in that do not need to be repaid. In order to be considered for an award of financial assistance, potential recipients must apply for a grant with a regional agency. Governments award large sums of money through tens of thousands of grants each year globally. To receive a portion of this payout, applicants must not only apply but meet certain criteria specific to the grant.
Although governments issue thousands of grants annually around the globe, there are numerous applicants in countries around the world vying for funding. The process can be highly competitive, and applicants should attempt to stand out. For instance, a hopeful recipient of a small business grant should demonstrate innovation and communicate clearly the market potential of the business.
Grant applicants may be asked to complete training programs that are applicable to the underlying purpose of the funding to receive grants from the government. For instance, an individual seeking a regional grant to launch a small business may have to take classes in business, marketing, fund-raising, and bookkeeping. The training is often free of charge. Complying with this preparation may in some cases be required, and can help to accelerate the grant process.
Any citizen resident in the country where grants from the government are provided may be eligible for the award. The specific criteria for each individual grant will vary, and the standards should be made clear to an applicant by the regional agency. Poor credit does not necessarily interfere with being approved for funding. Most government grants are not class dependent, and are often intended for people from all socioeconomic backgrounds.
Determining the appropriate government program to contact about a grant depends on the purpose for the money. In the US, more than 26 federal agencies oversee more than 1,000 grant programs tied to funds for education, single mothers, and first-time home buyers. Canadian government grants are distributed annually by multiple federal agencies and foundations. For more information on how to obtain a grant, an applicant should contact his or her regional government agency.
The Internet is an effective tool to begin preparation. Government websites may list past recipients of targeted grants. Hopeful recipients may want to attempt to reach out to past award winners in a similar category to their own and request advice. Past recipients of small business grants usually have testified to opening a new business within 30 days of being awarded grants from the government.