This kind of question is probably one of those hovering in everyone’s mind when hearing the good news about government grants that aims at debt relief for individuals and business organizations. However, is it really so? Yes, though it is not that simple. So, before everyone gets excited and starts writing up savvy applications, it is wise to check out certain facts to save you from disappointment. There are two types of government grants, federal government and local government grants. The former generally favors providing support to a non-profit organization than profiting organization; likewise, extend this service to intermediary lending institutions, state and local government agencies, while the latter favors specific individuals such as students, mothers (and a student at the same time), and small-time entrepreneurs.
An individual is not likely to be eligible for federal government grants, because it is more complicated to scrutinize an individual applicant. Remember that individual debt accounts might be a combination of personal and business debts in a single account that is if this individual is also an entrepreneur. Government grants for individual such as an entrepreneur may avail of government grants through local economic recovery agencies.
While federal government favors non-profit organizations yet it does mean grants are awarded indiscriminately. There are still specific target groups with specific requirements that are possibly to be granted. Organization which endeavors to providing services like women entrepreneur empowerment training, and the likes is like favored. Basically, if an organization operates on providing assistance to a certain public sector this will contribute distinctive edge to them over other non-profit organizations for grant eligibility.
Now back to the hovering question. Yes it is true that when an organization has availed of this program, no money-back scheme will transpire, unlike the concept of loan; still there will be hard-wearing obligations that a grantee must adhere with the federal government for a certain period of time. The same is true to individuals who have been awarded with local government grant programs. This obligation may mean, among others, periodic submission of detailed reports on the how money was spent; such accounting details may not be an easy task to overcome.
Applying for this program is not also an easy feat. All documents required by the government must be in sync to the grant’s purpose. In other words, the application process itself is like a formidable fortress to conquer; otherwise a government will not just throw away money for nothing if an application is not subjected to such a condition before a grant is awarded. Well, not to mention also the mounting applicants competing for this service.
Therefore, it is having been confirmed that government grants need not be paid back, hurray to that, but to be granted is like being able to find a specific 24 carat gold needle in a haystack with a twist, it is surrounded many fake gold-plated needles. So good luck!
