A grant is money given to an individual or an organization that does not hold an obligation of repayment. In that respect, it differs from a loan. Grants cannot incur any debts or interest. This money can be given out by foundations and governments. Grants to individuals can be either scholarships or donations to non-profit organizations. Other grants include intergovernmental grants, which are used to correct fiscal imbalances between different levels of government. Many federations use these grants to correct imbalances between taxing and spending across different levels of government. Examples include the US, Australia and Kenya.
It is not uncommon for seeking a grant for research, post graduate work or developing a product. Today, there are many organizations that give grants for studying or other work.
How can one receive grants? An application has to be written at first. This application will list all the necessary details and the reasoned why the applicant is taking that particular grant. In the US, one can go the government's grant website for more information and application details. In Canada, HRSDC provide a lot of details.
Student grants are the most common forms. In this form of funding, an extremely talented student is funded through his education by a government of a nation or other agencies. The grant is usually permanent meaning that the student need not return it. These sorts of grants are useful and have made many men into successful people in society.
Research oriented grants are usually awarded to brilliant scientists, post graduate students or any other professional looking for the all round improvement of something. These grants are usually given by Non governmental agencies.
In the United States Federal grants are economic aid issued by the government out of the general funds for many things including research of new technology, scientific advancement and helping states. The federal grants include categories. Project grants are awarded competitively. Project grants are the most common form of grant and a large number are found in education. As Federal Pell Grants), social services, the arts and.
In many countries, small businesses are given incentives to start through grants. Good amount of funding is provided to entrepreneurs to bring their ideas out into the open. One such country is the US. More than billions of dollars are spent every year promoting this kind of funding.
Today however, the United Nations organization, has started giving out a lot of grants. They give money for purposes starting from agricultural development to wiping out different viral and dangerous diseases and taking care of children. Most of the UN grants however are directed to places like Africa, Palestine and other war torn areas.
In the medieval times, Kings used to give grants. These grants were in the form of gifts like land, money, territories or animals. A lot of our ideas for grants originate from here. Even today in India although titles have been abolished, some state governments still grant gifts of land for good service to the nation.
Giving grants is very good as it encourages people to study and work. Poorly paid talent can rise to the top by utilizing funds given by government or an NGO. Not only is it useful in the education sector, but also for humanitarian purposes. Money spent properly can provide food and basic necessaries to a lot of people.
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S. Stammberger is the editor of Scholarship and Grants. Find out everyhting about grants and scholarships.
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