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Basic definition of EC grants and procurement contracts. - or the functioning of a body which pursues an aim of general European interest or has an objective forming part of a European Union policy.
DEFINITION of 'Government Grant'. A financial award given by the federal, state or local government to an eligible grantee. Government grants are not expected to be repaid by the recipient. Grants do not include technical assistance or other forms of financial assistance such as a loan or loan guarantee, an interest rate subsidy, direct appropriation or revenue sharing. There is typically a lengthy application process to qualify and be approved for a government grant. Most recipients are required to provide periodic reports on their grant project's progress.