There are many questions surrounding grants. With much misinformation printed on websites and advertised on late night television, it is easy to fall for the hype rather than investigating the truth behind federal and other grants.

What is a federal grant?

A federal grant is money offered with certain terms and conditions by the federal government. The grant can be offered directly from the federal government, or might be sent into the state government or various government entities to be offered to individuals. A federal grant is paid using government funds unlike a private, corporate, or professional grant that is paid directly from the originating entity.

How much can I get in a grant?

Grants can range from a few hundred dollars to hundreds of thousands of dollars. The purpose of the various grants creates much of the difference. A grant for a semester’s tuition will be far less than a grant to start a non-profit women’s business center in the heart of the city. You might even be able to use multiple grants from different originations simultaneously so long as you’re meeting the criteria of each.

Is a grant truly free money?

Yes and no. Grant money is offered without the terms of a loan. It doesn’t have to be paid back so long as you follow the criteria set forth with the grant. If the grant requires you to restore your century-old home, but instead you use some of the money to take a cruise to the Caribbean, you’ll most likely be required to repay the grant funds or finish the remaining repairs from your own pocket. If you use the funds as intended, they could be considered “free” as they are not required to be repaid.

Are there grants for women?

Most certainly. Not only can women apply for grants offered to all applicants, they have the opportunity to apply for grants given only to women. Women of color have an even greater opportunity with many grants available only to minority women.

How do I repay a grant?

In most cases you don’t need to repay your grant. A grant is money available for a specific use. If you’re using the funds according to the terms set forth, you are not required to pay the funds back. If, however, you elect to use the money for an alternative purpose or if you fail to complete the full requirements, you might be required to pay back some or all of the grant money for not honoring your agreement.

How do I find grants?

Grants are available any number of places. Federal grants are sorted through category, agency and can be searched through the website, www.grants.gov. Private, corporate and professional grants often have information available through various professional websites or packets. Grant programs work to seek out and condense the multitude of grant opportunities into a clear, comprehensive resource. Using a grant program, you can search through all grants according to your personal criteria to find programs well suited to your needs.