Government grants are used by many people who are looking to get assistance with their businesses. While they can be helpful government grants aren’t given to everyone. Here’s a more in depth look at government grants.
A person who receives government grants for business will need to meet all of the obligations that the government poses to the person. Progress reports should be submitted often so that the government knows that it gave government grants to the right person.
The amount of money receive in government grants should be meeting the criteria that the government has. Even people who have declared bankruptcy can get government grants. As long as the person is over eighteen, pays taxes and is an American citizen that person can get government grants for business.
There are two main types of government grants. First, there are operating support grants that work to help operate and pay off general expenses with running a business. This is given when the government supports the goal of the organization. Second, there are program support government grants that are used to support both the procedures and processes that the business follows.
Here’s a look at some of the more specific types of government grants. First, there are planning grants that involving funding research and starting up new plans that the business will have.
Start-up grants are also popular government grants. These grants work to assist a business that is just opening up. A grant is generally given for a little over a year and will decrease in value every year after that because the government expects the business to grow over that time. The government will ask for progress on the start-up work, of course.
Equipment and facility grants are also used as government grants. These grants help to financing the physical space and materials needed for the business. The applicant for these government grants will need to explain how the materials will be necessary for the business. Progress reports will need to be sent over time.
Endowment grants are government grants for non-profit businesses. These grants help to raise funds for the work and services that the non-profit group provides. The interest of the endowment’s principal sum should stay the same so there will not be a need for the endowment grant to meet operating costs the business will have to handle.
Program related investments are the last of the government grants that are offered. These are loans at low interest given to non-profit groups that can be useful but will need to be paid back over time.
There are some government grants for individuals too. Scholarship grants are used to pay for a student’s college education without the student having to pay anything back, for instance.
No matter what government grant a person applies for that person will need to give progress reports regarding the work that the person is doing. This includes information every time the government asks for it involving how well the business is going with the money that was used in the government grants.