What do I Need to Know When Applying for Government Grants?

Geri Terzo

Government grants are free monies provided to qualifying individuals in need of financial assistance in a region. Grant funds are offered for multiple purposes, and in some cases may be offered to a certain demographic. These funds are essentially gifts and do not have to be repaid, although you must pursue an application process in order to be eligible. Residency in the region where the funds are being requested must be proven in order to be considered when applying for government grants.

In Canada, small- and large-scale businesses receive grants as a way to promote economic growth.
In Canada, small- and large-scale businesses receive grants as a way to promote economic growth.

There are thousands of grant-types to choose from around the world, depending on your place of residency. Before applying for government grants, decide how the funds will be allocated. Provide a summary on a government application explaining how the funds will benefit your life and impact society. For instance, if you are applying for a government grant for debt consolidation, express on the application, which can often be found on the Internet, how you will be able to contribute back to society in exchange for the funds, and be prepared to provide progress updates.

Some grants are designed specifically for single parents.
Some grants are designed specifically for single parents.

Some funds might be enough to fund an activity entirely, such as pay for an education, while others are intended to supplement other forms of funding, including private grants and scholarships. In addition to education, you might be able to obtain a grant for housing, a small business, or health assistance. Certain grants are designed specifically for single parents, minorities, and women, while other grants are not partial.

In some regions, more funding goes towards certain segments of the economy versus others. The Canadian government, for instance, provides financial assistance for an array of purposes. It is most active, however, in extending grants for businesses. The Canadian government awards large sums of money annually to small and large-scale businesses in attempts to create jobs and foster economic expansion in local and regional economies.

Applying for government grants is not limited to a regional government. In the US, you can apply for local government grants based on the state you live in. The more that a local economy is stimulated and its residents are knowledgeable, the more taxable income is created, which is a boon for the government agency.

Before applying for government grants in a region, consider that criteria must be met in order to receive money. For instance, you may have to meet a certain age requirement. In the US, the age threshold is 18 years old, but aside from being of age and a proven resident, the standards are quite broad. Governments are not usually partial to your financial status, even if a bankruptcy has been filed in recent years. Unlike the process to apply for a loan, no co-signer or down payments are requested when applying for government grants, even if your credit is less than perfect.

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