03/15/2026
A grant is a sum of money given (awarded) by a government, foundation, company, university, or other organization to an individual, nonprofit, business, or institution for a specific purpose.
Key characteristics:
It is not a loan — you generally do not have to pay it back.
It's often competitive: you usually apply, submit proposals, and get selected based on criteria like need, merit, impact, or project quality.
The money must typically be used only for the approved purpose (e.g. research, education, community project, business startup, etc.), with reporting requirements to show how it was spent.
