FirstBank has remodelled its FirstEdu product designed to put schools at an advantage in the financing of capital projects such as the acquisition of new property, school expansion and reconstruction.
The enhancement now sees the product last for a maximum tenor of 48 months.
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, purchase of school buses, modern educational facilities, tools and equipment to optimise the day-to-day operations of the school. Renewable energy loan for schools has also been added to enable them control and reduce the high cost of fuel while powering their school facilities as well as minimise their environmental impacts.
FirstEdu loan is targeted at private nursery and 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. With this product, school owners or proprietors can stay ahead of the competition in providing educational services and support to the target population.
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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 CBN 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.
Expressing his delight at the impact of the product, the group executive e-Business and retail products, Chuma Ezirim, said: “We are happy with the positive response that our FirstEdu product is eliciting across the country. This 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.”
