Understanding the Basics of Grants for Individuals and Non Profits

Grants can be a great way of getting extra money to do what you love. Whether you want to improve your community, create something or organize a project to improve the lives of those around you, grants can be a great source of fundraising. Though it is easier to get grants when you are requesting them as a nonprofit organization dedicated to a purpose, there are some grants that individuals can get to help pay some of the costs of the projects they wish to do. The first step to getting some grants is understanding what they are, what they do and how to get them.

What are grants?

Basically, grants are money that do not have to be paid back. Generally, grants are for accomplishing a purpose, like going to school, writing a book or completing an art project. Grants often come from foundations, usually funded by donations and geared toward a specific purpose.

How do you request grant money?

If you want to get grant money, you have to put in a grant proposal. These proposals are sometimes put in by the individual, but they are sometimes written by writing professionals called grantwriters who write the proposals in a way that is thought to be most likely to receive a grant from the person or organization handing it out. Grants can be received by organizations and individuals. Usually, if an organization receives a grant, it is either a government organization or a non-profit organization. For-profit organizations rarely receive grants.

What kinds of grants are there?

Types of grants are super numerous, but include research grants, project grants, career development grants and small business grants. Usually, each type of grant has its own requirements and restrictions. When seeking grants, a good first step is to search your local area for foundations that have grants for your purpose. You can also check with your local college career center to find information on grants that the college gives to its students to help them succeed in the business world.

What kind of project might get a grant?

An example of a grant a government organization might receive is a grant to repair roadways. Sometimes, grants are given to a government organization that has agreed to partner with a nonprofit organization to complete a funded project. An individual might receive a grant for a musical or art project or something that helps the community.

Why bother?

Getting a grant can be a great way to fund your favorite activity while retaining the freedom that you will have as an independent contractor. One drawback to grants is that grant-giving organizations expect results or they are not likely to give you or your organization another grant. This means that if you want grant money to continue coming in, you have to actually do the work you promise to do in the grant proposal, so you should not overdo it.

Resources:

Types of Grant Programs

Grants and Scholarships