A direct grant is a non-recurring grant, which is defined by the agency as a grant that occurs with little or no follow-on funding. This is not a replacement of an old grant, but rather a new grant as a direct replacement. While you are receiving a direct grant, you should take action to secure funding, such as making progress towards achieving your goals, making a presentation to a government-endorsed body (such as an executive committee), or setting up a meeting with your local government to inform its decision making. You can also use a direct grant to increase funding in a situation where you have already set up a working group to develop a plan to meet the needs of this group.
Direct grants only count towards the total amount of the funding you need to reach your financial goal, not towards your total debt repayment. You may use both, direct and grant, if you are planning to repay your debt and both are needed for your overall budget to remain stable.
Direct grants and interest rates
You can take a direct grant directly from the Ministry of Economic Development. The amount you can borrow each year can be up to your available funds. This means you won’t have to wait for a longer period than the current 3 or 6 months before you receive a grant that you can use to pay off your debts, or for another 6 or 12 months to pay off a loan. However if you have already received a direct aid payment, you can’t use direct grants until the current 3 or 6 months is completed.
If you want to take on extra debt or your debt repayment is not stable, for example if your monthly repayments increase by some amount each month, you need to hold a loan. You can borrow up to the maximum available under the debt repayment loan scheme. The lender will typically charge an interest rate on any credit that you hold as interest.
In these circumstances, it may be very difficult for you to pay off your loan before your credit limit has been met, even though the interest rate for the loan may be lower than you paid on that loan.
When you request a direct grant, the loan interest rate will be the maximum rate of the interest on your loan (excluding any interest charges). It is the total amount that you will borrow as a direct grant (excluding any repayments you may have made, such as interest charges).
However, with a loan, you are still in control of the interest rate at any time. It is up to
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