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Grants, Contracts, RFAs, and RFPs. 1  A grant is a funding mechanism for a particular scientific inquiry that you generate. 2  In contrast, a contract is a funding mechanism of government agencies or other organizations to obtain specified services or goods.
The Difference Between Public Vs. Private Grant Funding. The procurement of grants for your project can mean the difference between success and failure. Public and private grants provide a monetary source for innovation that, unlike loans, you do not need to pay back. Review your grant options to decide which type of grant most suits your project.