What is a grant and how to get it

Grant programs during the full-scale invasion of Ukraine by the Russian Federation became quite a significant help to support an existing business and start a new business.

However, as of 2024, not every citizen of Ukraine can say what should be understood by the grant program. This shows the relevance of this topic.

Therefore, in this informative article, we will answer the question of what a grant is and how to get it.

What should be understood by the concept of the grant?

Grant (from the English grant —gift or donation) is financial assistance, which in the vast majority of cases is provided on an irrevocable basis by various organizations and institutions for the implementation of a certain project.

Most often, assistance is provided to the bank account of the grantee (legal entity or individual) by transferring funds, less often as payment for certain services that the grantee can receive.

If compared with other types and instruments of financing (for example, a loan from a banking institution, receiving funds from investors, crowdfunding, etc.), grants have a number of such advantages, namely:

• funds received as part of the grant program are usually not returned if the project for which they were initially allocated is successfully implemented;
• the grantor controls the use of funding, but he does not interfere in the internal affairs of a legal entity or individual, that is, in the project itself;
• it is possible to receive grants from various institutions - both from international organizations and the state as a whole.

How to get a grant?

First of all, understand that the grant involves a competitive basis for obtaining funding, and therefore a potential applicant wishing to receive funds must usually meet certain criteria established by the grantor.

Thus, only the selected winner receives funding under the grant program. To receive a grant, you need to follow the following algorithm of action, namely:

• Analyze existing grant programs. To begin with, you should determine what grants exist today, and the criteria for receiving them, and then choose the most appropriate option that suits the person.
• Develop a project idea (business plan). To receive funding under the grant program, it is usually necessary to provide a project or business plan for what is planned to allocate the received funds. That is, the person must provide the relevant commission in writing with his vision for the implementation of the received monetary financing.
• Preparation of a package of documents. In addition to the business plan, you must also first apply for participation in the grant program, an estimated budget for the implementation of the project, and other accompanying documents required by the grantor.
• Meeting deadlines. It is worth understanding that each grant program has its deadlines for submitting applications and other documents for accepting participation in the grant, and therefore you should strictly follow them if you still plan to receive financial funding under the selected program.

Independent selection of a grant program and submission of the appropriate package of documents does not guarantee to receive funding.

Therefore, in order to increase the chances of successfully submitting a grant application, you should contact proven specialists from the Prikhodko and Partners law firm.

They perfectly understand the problematic aspects of this topic, which allows us to provide the company's clients with only appropriate legal assistance at all stages of obtaining a grant. Get in touch!