Understanding federal grants
What is a federal grant? A federal grant is a kind of an assistance in the form of economic aid, provided by the U.S. government for ideas and projects for public purposes which in turn benefit by stimulating the economy. Fields which include critical recovery initiatives, research and development and all the programs falling under the Catalog of Federal Domestic Assistance are eligible for acquiring federal grants and applying for free government grants. A typical federal grant has a life cycle, details of which are mentioned below.
Life cycle
The federal grant process follows a linear life cycle in which initially the funding opportunities are created followed by the application phase which is then scrutinized and finally followed by the rewarding phase.
- Pre-Award Phase : Includes announcement of funding opportunities and reviewing applications.
- Award Phase : Decisions and Notifications are made for the federal grants.
- Post-Award Phase : Implementation of the grant with proper reporting and the closure of the entire process.
Applying for free government grants involves a lot of procedures. Some of the most important ones before applying for free government grants are as follows:
- Understanding the life cycle gives a good overview of the process initiated by the government and helps the recipient to keep a track of the initiatives.