Grants are a type of financial aid that does not have to be repaid. It is a sum of money given by an organisation, especially a government, for a particular purpose such as education, starting a business or for a community-serving project.
Source: Grant @ Google
- Grant (money) @ Wikipedia
Excerpt: Most grants are made to fund a specific project and require some level of compliance and reporting. The grant writing process involves an applicant submitting a proposal (or submission) to a potential funder, either on the applicant’s own initiative or in response to a Request for Proposal from the funder. Other grants can be given to individuals, such as victims of natural disasters or individuals who seek to open a small business. Sometimes grant makers require grant seekers to have some form of tax-exempt status, be a registered nonprofit organization or a local government.