FirstBank Nigeria has remodeled its firstEdu loan facility for schools seeking to finance capital projects for expansion to 48 month maximum tenor period.
Chuma Ezirim, group executive of e-business and retail products at FirstBank expressing his delight at the impact of the product, said, “We are happy with the positive response that our FirstEdu product is eliciting across the country.
Do you have a school and are keen on taking it to the next level, he asked, saying the FirstEdu loan is available to private school owners who require extra funds for the smooth running of their school operations.
Since its launch in 2018, the FirstEdu loan has promoted 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, the purchase of school buses, modern educational facilities, tools, and equipment to optimize the day-to-day operations of the school.
Renewable energy loans for schools have also been added to enable them to control and reduce the high cost of fuel while powering their school facilities as well as minimize their environmental impacts.
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.
According to the bank, “With this product, school owners or proprietors can stay ahead of the competition in providing educational services and support to the target population.”
To enjoy 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 Central Bank of Nigeria for a minimum period of 12 months.
The customer can access up to N20 million or more, depending on the cash flow capacity of the school.
Other qualifications are that such a school must be registered with the Corporate Affairs Commission, and even if it does have the Ministry of Education approval, it can still access up to N2 million for 90 days.
There must also be documents showing how long the school has been in business, and the number of students in the school, among others.
To apply for a FirstEdu loan, interested schools are to download the retail loan application form. Complete the form and submit it to the retail team at the nearest FirstBank branch across the country.