Ensuring equitable access to research funding is crucial for fostering diversity, innovation, and excellence in science. Despite progress, significant disparities remain, with underrepresented researchers—including women, racial and ethnic minorities, LGBTQ+ individuals, and those with disabilities—continuing to receive disproportionately less funding. These disparities not only hinder individual careers but also limit the breadth of perspectives that drive scientific discovery. Through discussions with major funding agencies, including the Dana Foundation, European Research Council (ERC), and ERA-NET NEURON, we examine how equity, diversity, and inclusion (EDI) are integrated into research funding allocation. We focus on three key areas: how EDI is defined and prioritized, metrics for assessing and tracking progress, and strategies for mitigating bias in selection procedures. While agencies have implemented initiatives such as demographic data transparency, targeted funding mechanisms, and bias-awareness training, systemic challenges remain. Variability in data collection practices, barriers in peer review processes, and limitations of interventions like double-blind reviews highlight the need for ongoing reform. As EDI policies face growing political scrutiny and active efforts to dismantle existing frameworks, reinforcing and expanding strategies to ensure equitable funding distribution has never been more critical. The scientific community must continue advocating for evidence-based approaches that improve transparency, accountability, and fairness in research funding. Without sustained commitment, the progress made over the past decades is at risk of being reversed, undermining the diversity of thought and innovation essential to scientific advancement.