Grant funding sustains most non-profit organisations worldwide. Companies and governments often sanction grants to support the causes they believe in the most. This reflects the commitment of both governmental and private institutions to fund programs that would otherwise experience resource constraints if funding was squarely based on ROI.
Having some initiatives funded by well-wishers provides welcome support for non-profits who would otherwise have limited financial resources. This crucial financial assistance can catalyse impact and development by filling the resource gaps within their organisations.
For companies, providing grants is an excellent tool for Corporate Social Responsibility. At the same time, for governments, it’s a great way of redistributing wealth and supporting local-level initiatives. The funding partners stipulate the types of activities they wish to support to guide the potential applicants in choosing the activities to carry out under the program. The size of the grant will be a significant determinant of the scope of activities that can be carried out under the program.
The focal point for most non-profit organisations is to have a significant impact and broad reach. Rather than focusing on scale, the emphasis should be on impact and sustainability. Projects that receive grant support from grant programs often fizzle after the financial assistance stops because there is little focus on sustainability. This has spurred the move towards more stringent eligibility criteria for applicants. The rigorous eligibility requirements for accessing grants serve to ensure all bases are covered and the ideas brought forward are thoroughly scrutinised.
The monitoring and evaluation measures implemented by a project are of particular importance to its success. These measures act as a stopgap to ensure that funds are used for the intended and stipulated purpose while minimising misappropriation.
Grants play a vital role in social justice by enabling non-profits to fund essential programs, purchase supplies, or acquire equipment. This kind of support can be essential for organisations to move to a new growth phase and attract more attention and donors because receiving one grant can often make it easier to obtain additional funding.
Beyond the financial boost, professional assistance from the funding partners usually plugs the gaps in expertise within the organisations soliciting support. The support helps build an organisation’s capacity, visibility, and credibility. Furthermore, supported companies are introduced to networks that can open doors to further support and development. Receiving a grant can often lead to additional funding opportunities due to the good governance they promote. For instance, the monitoring and reporting standards drive best practices.
Before deciding to apply for a grant, individuals and organisations must ensure that they meet the eligibility criteria. If these requirements are unmet, embarking on the application journey will be a waste of time.
Grant funding enables social good and provides a platform for supporting local players in the public and private sectors. Various entities seek grant funding to advance their goals without the burden of repayment, allowing for innovation and expansion that might not otherwise be possible.
