Did you know that there are many different types of grants available? In fact, there are six different types of grants, so it’s important to understand the different ways in which each grant type can help your nonprofit to succeed. Having these distinctions clearly in mind will make the process much easier when you begin the task of targeting specific grants to suit your needs.
The GrantWatch.com database brings you the convenience of finding all the grant types in one place. During your grant search, you’ll come across the terms below, so learn to identify these different grant types to help you determine which ones are most beneficial to your interests.
1. Program Development Support
The most popular type of grant is for Program support. Program grants provide funding for specific projects or programs. Generally, these are restricted grants, where recipients must only use funds for the exact purpose outlined in the grant proposal. Most program grants are for nonprofits, but you may also find some for businesses and individuals to start a program or fund an already-existing program.
2. General Operating Support
General Operating Support grants can help to offset almost any operating expense for your organization. In addition, operating support grants are less restrictive than program support grants. But, as expected, operating support grants are a rarity in the nonprofit world. They are certainly not as common as we would all like them to be!
3. Capital Funding Support
Another type of grant is Capital Funding support. These grants are most commonly for capital projects such as building construction, property acquisition, or similar expansion campaigns. However, only established organizations are usually encouraged to apply for capital funding. Also, the proposal needs to convey the intention that the use of this support involves a plan to accomplish more than just build or renovate a building.
4. Research Grants
Research grants are frequently awarded to individuals or teams associated with institutes of higher education and research-oriented organizations. These grants promote the necessary demand for research essential to academic achievement and scientific discoveries in a variety of areas. However, applying for research grants is quite a competitive process.
5. In-kind Donation Grants
Sometimes, organizations are in need of resources other than monetary funding. Subsequently, In-kind Support grants provide alternative assistance in non-monetary forms, such as donations of equipment and supplies, or free consulting. While many may often overlook in-kind donation grants, do not underestimate their value.
6. Matching Grants
Finally, there are Matching grants, also known as ‘cost matching’. With this type of grant, a funding source agrees to ‘match’ a specific dollar amount of funds, but only if the applicant raises at least that same amount. For example, a funder may agree to fund one dollar for every dollar raised by the applicant within a set timeframe. Don’t be afraid of these grants, as they can be highly beneficial.
Finding the Type of Grant that Best Suits Your Needs
In conclusion, you will achieve the best results during your grant-seeking journey if you understand how different types of grants can assist in funding your interests. A clear grasp of these terms can be key in determining the best grant type for your needs.
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