First Bank of Nigeria Limited has said that schools registered with the Corporate Affairs Commission can now access up to N20m with no tangible collateral save the domiciliation of school fees with the bank.
In a statement on Thursday, the bank disclosed that the gesture was part of its educational products and solutions support.
It added that the support included an array of educational products and solutions targeted at enabling the acquisition of various facilities to boost the continuous expansion and improvement of the education sector.
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The products will also help to empower parents and guardians to meet the educational needs of their children, the bank noted.
“The bank’s educational products and solutions include the FirstEdu Loan, Operational Vehicle Loan, Term Loans for constructing new sites and extension of existing sites, Personal Loan Against Salary, and FirstAdvance, which enhances parents/guardians’ capacity to pay their wards’ school fees,” FirstBank highlighted.
The statement read in part, “The FirstEdu loan offers short-term finance to private pre-primary, primary and secondary schools/registered A-level educational institutions with steady flow of income.
“It allows schools access up to N20m with no tangible collateral required apart from the domiciliation of school fees with the bank. Schools with CAC registration that are yet to get Ministry of Education’s approval can access up to N2m without collateral for up to 90 days.”
The bank further hinted that it was partnering the Lagos State Employment Trust Fund to finance low-cost private schools at a single digit interest rate, where schools can access up to N5m, to cushion the effect of the Coronavirus Disease.
FirstBank’s Group Executive, e-Business and Retail Products, Mr. Chuma Ezirim, said, “At FirstBank, we recognise the indelible roles the education sector plays in promoting national economic development and we are delighted to support schools with collateral-free educational solutions to meet various needs and projects, to advance to the next level.
“As schools proceed with the new term, we enjoin interested schools to visit the nearest branch or the bank’s website for more information and encourage everyone to access our e-learning-driven initiatives to keep learning and get exposed to various opportunities to stay ahead in today’s technologically-advanced world.”
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