Grants are financial awards given to support specific projects or initiatives. Unlike loans, grants do not need to be repaid. However, they often come with conditions such as reporting requirements and deadlines. Grants can be categorized into several types, including:
Government Grants: Provided by federal, state, or local governments to support economic development, innovation, and research. Foundation Grants: Offered by private foundations to support causes aligned with their missions. Corporate Grants: Provided by businesses to support initiatives that align with their corporate social responsibility goals.