The Role of Grants in the Economy Grants are funds that are disbursed by a corporation, foundation or government department to a recipient which are non-refundable. Those people ho are receiving the funds can be an educational institution, a non-profit entity, an individual or a business. In order for one to gain access to these funds, they have to fill in an application form or write a proposal to the potential funder. Grants are mostly offered to various recipients in order to support a project and constitutes a lot of compliance and reporting. The applicant, writes the proposal after which it is submitted to a potential funder. Some people in need of these funds usually apply for them on their own initiative or simply in response to requests for grant proposals from potential funders. Potential funders also offer grants to victims of floods, earthquakes and other calamities as well as those who want to create their own businesses. Most people experience financial problems in their lives which might interfere with their sustenance. Most people get overwhelmed especially with the burden of daily expenses which are increasing causing them to get loans. By the government and other corporations offering these people grants, they help them to overcome their financial problems and conduct a better life. Grants can be given out to people in order to cover housing and renting bills. Low income levels is one case for people to have accumulated housing or renting bills as they are facing financial difficulties. This might lead to them being homeless or evicted due to overdue bills. Grants offered by financial institutions come in handy in such cases as people are able to cover their housing bills. Everyone has a right to receiving medical attention but when the bills are too high, they might find it difficult to cover them. Paying for frequent doctor visits, medical bills, lab tests, medicine among others might prove to be overbearing for low income families. People who receive grants are able to get the necessary medical attention they need at any given time.
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People need to cater for daily expenses such as water bills, food, telephone bills, clothes, groceries, fuel, transportation and many others. These expenses tend to leave a dent on one’s income as they are recurrent. Relief programs can offer grants to those people who are in need of them in order to cover their daily expenses with ease.
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Some corporations offer grants to cater for energy and utility bills for these people who cannot afford to. Grants are very significant to the economy as they help to fund those people who are in dire need of it.