Most people have, or will have, experience with government cash programs like Social Security.� But, there are other types of government funding called grants.� Unlike Social Security (funds are automatically distributed to those that qualify), grant programs require hopefuls to fill out a very convincing formal application.
In fact, what most people call grants are actually "discretionary assistance" or "domestic assistance," and there are 15 types (7 financial, 8 non-financial).� Formal grants are those that are allocated to states and cities in accordance with distribution formulas prescribed by law.� Project grants provide funding for a fixed period of time for specific projects such as fellowships, construction grants, scholarships, evaluation grants, and research grants.
There are two types of direct payment grants: specified use and unrestricted use.� Direct payments with unrestricted use are financial assistance programs provided directly to beneficiaries who meet all eligibility requirements with no restrictions being imposed on the use of the money.� Direct payments for specified use are given directly to individuals and private institutions to encourage a specific activity.
Direct loans are funds lent to eligible applicants for a specific period of time and they may or may not require a repayment of interest.� Guaranteed/insured loans are when a private financial institution lends money with the agreement that the government will pay all or part of any defaulted loans to the lender.� And, insurance is when the government assures reimbursement for losses.
Most of these programs can be looked up in the Catalog for Domestic Assistance or the government grant web site.� But, remember that grant availability changes regularly based on rapidly changing government priorities.� Check back often to see if there are grants available that match your situation.
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