February 13, 2015
Grants come with many misunderstandings. People set out to apply for one in hopes of financial assistance and relief. However, grants are not given for individual purposes or even small business kinds. Before applying for a grant, you should know these important facts so you have a better understanding to what a grant exactly is.
Facts to Know Before Applying for Grants
- Federal grants are monetary awards of financial assistance given to those who are carrying out charitable public purposes or goods only.
- There are certain obligations and requirements that need to be fulfilled before grants are given such as filling out an application, supplying tax forms, bank information and a grant proposal letter stating why you are applying for one.
- If federal grants are not used for the purpose they are meant for repercussions could occur.
- The types of federal grants available are project grants awarded for medical or research purposes, block grants, categorical grants, educational grants and earmark grants.
- When grants are awarded they do not have to be paid back.
- Receiving a grant comes with guidelines to ensure it is used properly.
- A legal contract will have to be filled out for federal or state government purposes before a grant can be issued.
- Grants can be funded by public and private sectors.
- Particular grants will send out invitations and invite you to apply to some if grant suppliers feel you could qualify.
- Grant proposal letters are between 15 – 50 pages long so make sure you have time to write one out properly or the means to hire someone to help you write a professional one.
- The standard components of a grant proposal letter involve a cover letter, title page, statement page, project description section, evaluation plan, budget plan, applicant qualification page, future funding plans and appendices.
- Poorly written grant purposely letters could cause a denied grant application.
End Notes to Keep in Mind
Remember, grants are only given to those who are carrying out charitable public purposes. If you feel like you are doing this kind of work and need financial help, applying for a grant could be away to help further your project or education, which will some day help public purposes. Just keep in mind that a proper proposal letter written