The Predominately Undergraduate Institution in this study identified a sharp decline in external grant seeking during the 2007–2014 academic years. During these years some faculty applied for grants on a regular basis, but some faculty stopped seeking grants altogether. The first author interviewed 15 of the most persistent grant seekers to understand faculty capacity. During the study, faculty spoke of their many successes and structural barriers in their grant-seeking activities, and it became a common theme in faculty interviews. This study presents findings about individual and institutional factors (both support and barriers) that increase and decrease grant-seeking activity among faculty.