What Kind of Grants Are There?
Grants are financial contributions that don't have to be paid back. Individuals, businesses, nonprofits and students all qualify for certain types of grants that are made available by government and private grant makers. Obtaining grant funds is one of the major activities that nonprofits undertake to meet its budget goals. Grant funds helps thousands of students pay for higher education every year and inventors, artists, researchers and filmmakers rely on these funds to launch their products.
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Government Grants
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The U.S. federal government has a website, grants.gov, tasked with giving out billions of dollars annually in grant money through 26 grant-making agencies including the Environmental Protection Agency and the National Endowment for the Arts. Many of the government's grant programs are geared towards organizations dedicated to improving communities, repairing transportation routes and preserving parks and American historical treasures. Other grants are made available for youth programs, disaster prevention and community health and wellness. For individuals, there are programs to fund research projects related to science and the arts. Applicants can create an account and apply for grants directly through the website.
Education Grants
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In 1972, the Pell Grant was created as the Basic Educational Opportunity Grant. Today, the Pell Grant is still one of the most well known grants for education. Federal and state governments, colleges and universities offer grant money to help students offset the cost of their education. Most grants are based on financial need, with large numbers of recipients coming from households with incomes below $20,000 annually. There are also opportunity grants available to minority and women students, disabled students and students in a certain demographic category. Some grants are awarded to students who are going into a particular field of study, such as, science, technology or engineering.
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Nonprofit Grants
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Nonprofit organizations rely on grant money to serve constituents. There are many grant-making organizations that support nonprofits, most of which fall into two categories: foundation or corporate funding and government funding. To be eligible for most nonprofit grants, the organization seeking funds must have 501(c) 3 tax-exempt status. Foundations are organizations that raise money through companies and individual donors to distribute to nonprofits aligned with the foundation's goals. Examples would be The UPS Foundation or the Bill and Melinda Gates Foundation. Nonprofits can search through the Foundation Center's online database to find all the foundations and grant-making organizations in the country.
Personal Grants
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Some companies have started to use social media and the Internet to advance charitable giving, including Pepsi, which has developed grants for individuals to pursue their passions or advance their research in a particular area. Writers, artists and filmmakers can find grants to assist them in developing their projects. For instance, The Haven Foundation, started by Stephen King, provides up to $25,000 in grant funds to writers and artists who become disabled.
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