Our current contracted economy is finding many Americans unemployed and drowning in debt.� With an eye to a solution, the US Government sets aside billions of dollars every year for the purpose of funding grants aimed at stimulating the economy.� These grants are awarded to states, cities, government institutions, private organizations, and individuals.� Getting relief from debt using these grants just takes a little leg work.
The first place to start is to research the grants listed on the government grants website and the Catalog for Domestic Assistance website.� Also, not all grant programs are referenced as such.� Run keyword searches on "benefits" and "domestic assistance" in various government websites.
When researching grants, you will come across a lot of jargon and information that is a little overwhelming to process.� Unlike Social Security (a government cash program), grants are not automatically distributed to those who qualify.� People interested in obtaining grants are required to make a formal application.� Sifting through the information to determine how to apply can be quite daunting.
It is important to understand that government grants fall into 15 categories, 7 financial, 8 non-financial.� Knowing these categories will significantly help you in the application process.
Grants paid to individuals and private institutions can be either specified or unrestricted.� Direct Payments with Unrestricted Use refers to money given directly to beneficiaries who meet all qualification and are not under any restriction on how the fund is used.� Direct Payments with Specified Use are cash awards given to beneficiaries for the express purpose of subsidizing an activity.
Money given for specific projects for a fixed period of time are called Project Grants.� These usually entail scholarships, research, traineeships, construction grants, and fellowships.� Formal Grants are money allocated to states in accordance with distribution formulas designated by the law (i.e. the Food Stamp programs).
Grants can be distributed as loans and insurances.� Direct Loans are when the government loans funds for a specific period of time.� These loans may or may not require a repayment of interest.� Guaranteed Loans are where the government agrees to pay part or all of any defaulted loans to a lender.� Insurance is when the government assures reimbursement for losses.
Availability for grants changes regularly.� Check the government web sites frequently to find the grants that will dig you out of debt.
***Update***
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