What "grant" means in finance

A grant is a sum of money or financial aid given by a government, organization, foundation, or institution for a specific purpose. Grants do not need to be repaid, and they are often given to individuals, businesses, or non-profit organizations to support research, education, community development, or other social or environmental initiatives. Grants are often awarded based on a competitive application process, and they may come with specific terms and conditions that must be met in order to receive and use the funds.