A person who never made a mistake never tried anything new. - Albert Einstein
Grant makers, usually a foundation, corporation, or government department, awards grant funds to recipients. Recipients can be educational institutions, nonprofit organizations, or businesses. Most grants fund special projects. Once a recipient receives the funds, it is usually required to keep contact with the funder and report the use of the funds.
Grants are available for students seeking postsecondary education. The funds are helpful, as students are not required to repay grants, as in the case of loans. Besides education financing, grants also act as a form of business financing. The fact that they do not need to paid back is very attractive, but this also explains why grants are very limited. Most business grant programs are designed for technology and product development. It is not easy to qualify for this type of financing. A recipient needs to prove a need for the funds and show a worthy cause. Most requests are rejected.
Grants usually do not cover the entire costs of a project or purpose, but they are still very helpful. Students who need help financing their education, for example, may need other forms of financial aid like loans and scholarships to ease the financial burden further. Since grants are not to be repaid, they are not easy to come by. Competition is high.