A grant is money given to an organization or individual that does not need to be paid back.
Often the money must be used to fund a specific activity or asset purchase, such as a research project or piece of research equipment.
Often the grant is intended to have a particular impact the grant provider is trying to achieve, such as adding jobs or solving problems.
And sometimes the recipient of the grant must report on the progress of the project or program as well as the impact of the grant.
Between the targeting of grant usage, reporting requirements as well as extensive time for grant application development, many grants are far from being “free money!”