When Should You Apply for a Personal Grant?
- Author: Marguerite Bechtelar
- Posted: 2024-06-14
There are times in everyone's life when we may be in rather desperate need of a few bucks. But as much as you may require financial assistance, you definitely don't want to go into debt. In such circumstances, you may feel hard pressed to seek a solution. You can put in an official application for a personal government grant.
Are Personal Government Grants Available?
The bulk of grants that come from the government are intended for the use of institutions. These can include hospitals, universities, and certain types of non-profit organizations. Not many people are aware of the fact that the government does offer assistance in certain cases.
For example, you may be on the cusp of starting a new small business. You may have covered almost every expense except for a crucial one like getting a mortgage for a commercial property. You may also require a grant to take care of an issue such as healthcare.
Should this be the case, you may well be able to qualify for a personal grant. This is a sum of money for a specific purpose that will come straight from the government. However, there are certain qualifications that you will be expected to meet.
If you do manage to meet these obligations, you will be approved to receive a grant. The best thing about them is the fact that, unlike loans, they don't have to be paid back. Keep in mind that these grants can only be used for the purposes that the government approves them for. You can't use a grant to pay back a credit card debt.
When Should You Ask for a Grant?
The best time to ask for a grant is when there is something that you absolutely need money for. There are two criteria to consider when ascertaining the exact extent of your need. First, would you be worse off if you had to do without it? For example, if you are currently penniless, could you do without the income from a new small business?
Second, is getting the money worth the hassle of getting a loan from a lender at potentially draconian terms? If you don't fancy the prospect of going into debt, it may be time to seek another means of procuring the money.
How Long Does It Take to Get Approved?
The main reason to apply for a grant is to avoid getting gouged by a predatory lender. Even if the deal you get is equitable, there will still be a potentially long list of repayments to look forward to.
Keep in mind that you are dealing with the federal government. Even if you do get an approval, it will still happen on their timeline, not yours. You should definitely not expect to get your money in a hurry.
Receiving a grant is the safest way to get money. However, you need to have a plan for survival during the time you wait for the decision. It's best to give the government a few months during which you should be doing something else to get by.
Who is Most Likely to Get Approved?
There are certain types of people whom the government is far more likely to choose as to be the recipient of a grant. As a single male, you have less of a shot than a military veteran or single mother. This doesn't mean that you have no chance of getting approved. It simply means that you may have to wait longer to get the green light.
How Can You Avoid Grant Fraud?
Most grants that you get from the government are dispenses under completely legal circumstances. However, there are some unscrupulous individuals who may try to simulate grants for their own criminal purposes. There are certain red flags to look out for in order to ensure that the loan you receive is legitimate.
A few minutes spent searching on the web are bound to turn up any number of any number of sites that will promise to help you find government grant money. As can be expected, not all of these are on the up and up.
The main red flag is when they try to offer these services for cash. No legitimate government site will ever do so. This also applies to any unsolicited phone calls or emails that you may get on this subject. The government will never send these.
