Grant money can be used for several purposes. Grant money can be used for projects involved with making improvements to the education system and developing public infrastructure and facilities. Grant money is generally given to organizations seeking to support a specific purpose that is beneficial to the public, explains Entrepreneur.Continue Reading
Money received as a grant can be used for funding research and development for services and technology based products. It can also be used for funding retraining programs for the unemployed, projects to improve local streets and programs that attract business development in cities or towns that are economically depressed. Grant money is used for directly supporting the public good over the long term or immediately, states Entrepreneur.
An award of grant money may be used in sectors such as energy, health, environment, housing and transportation. It may also be used in the areas of science and technology, business and commerce, legal, community and regional development, cultural affairs and consumer protection, says Entrepreneur.
Grant money does not have to be paid back and is awarded to government organizations at the local and state level, academia and nonprofit organizations. The CDFA provides specific information on how grant money can be used. Although grant money is free, the recipient of grant money must spend it in accordance with certain rules and regulations, notes Entrepreneur.Learn more about Personal Banking