FirstBank Nigeria has expanded its firstEdu loan facility to a 48 month maximum tenor period to enable schools to enjoy better benefits from finance capital projects such as the acquisition of new property, school expansion and reconstruction.
FirstEdu loan is targeted at private nursery & primary, secondary and A-level schools. The product offers an opportunity for private school owners to access flexible funding to meet urgent cash flow needs, replace old furniture and equipment, as well as refurbish dilapidated buildings and classroom blocks.
Launched in 2018, the initiative is designed to promote the continued improvement of schools whilst putting them at an advantage in meeting their mid and long-term goals. These goals include the expansion of the school through the acquisition of landed properties, purchase of school buses, modern educational facilities, tools and equipment to optimise their day-to-day operations.
The latest expansion includes renewable energy loans to enable schools to control and reduce the high cost of fuel while powering their facilities as well as minimize their environmental impacts.
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To qualify for the loan offer, the interested school must have been in business for at least 24 months, maintained an account relationship with FirstBank for at least six months or any Bank registered with the CBN for a minimum period of 12 months. The school also needs to be registered with the Corporate Affairs Commission (CAC) to gain qualification and present documents indicating how long it has been in business, number of students in the school, among others.
Commenting on the impact of the initiative, Chuma Ezirim, group executive of e-business and retail products at FirstBank, expressed delight with the positive response that the FirstEdu product is eliciting across the country.
This,Ezirim explained, is not only a demonstration of the great experience witnessed in the schools, but also the impact it has made across the value chain of the educational sector which contributes significantly to the socio-economic development of the country.
“Education is the bedrock of any society and the future belongs to those who built this bedrock today. We remain committed to supporting the educational sector as part of our nation-building strategy’’ he concluded.