FirstEdu: FirstBank favours private schools operators with N20m loan access
Putting people first, FirstBank of Nigeria has introduced FirstEdu, a package designed specially for private schools operators to access up to N20m loan.
This was conceptualized by FBN in this era of competition to enable schools, varying from private pre-primary, primary, secondary schools and A’ level tuition providers, to upgrade, retain their students and even attract some more.
The FirstEdu loan is available to all Private schools owners who require extra funds for the smooth running of their school operations, as long as their schools are duly registered with CAC (either Government approved or not).
The duration of the loan is from 90 days to 12 months (terms and conditions apply). Maximum Loan amount is N20m. Schools with CAC registration but without Ministry of Education approval can access up to N2million for 90 days.
Potential beneficiaries are expected to have asset acquisition of up to N20m for 24 months and the school must have been in account relationship with any bank for a minimum of 12 months, with a minimum student population of 100.
Like other businesses, there must be a convenient means to finance working capital needs. Meanwhile, evidence of Government Approval of school is an added advantage, with School Memorandum and Articles of Association (MEMART) where applicable.
There must be documents showing how long the school has been in the business, the number of students in the school and any other documents that may be required by the bank.