First Bank of Nigeria has announced that its First Edu product, a loan to support school funding, has been remodeled to cover a period of four years until it is due.
The development was announced by the bank in a press release signed by the Group Head, Marketing and Corporate Communications, Folake Ani-Mumuney.
According to the release, the loan is targeted at helping schools, especially private Nursery and Primary, Secondary and A-Levels schools. finance capital projects. The loan also allows school owners have access to flexible funding to meet urgent needs and stay ahead of their competitors.
“FirstBank has announced that 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 has been remodeled to a period of up to a maximum tenor of 48 months,” the release read in part.
“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 bus, modern educational facilities, tools and equipment to optimize 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 minimize their environmental impacts.
“FirstEdu loan is targeted at private Nursery & Primary, Secondary and A-Levels 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.”
Ani-Mumuney also noted that to qualify for the loan, the interested school must have been operating for at least two years and must have maintained an account with the bank for at least six months or 12 months with any bank registered with the Central Bank of Nigeria (CBN). A school can also get up to N20 million or more, depending on the income generated by the school.
“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 cashflow capacity of the school.”
The Group Executive e-Business and Retail Products, Mr. Chuma Ezirim, expressed joy at the impact of the product across schools, maintaining that the bank will continue to support the educational sector as a tool for nation-building.
“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’’ he affirmed.
With 129 years of operation, FirstBank is the premier bank in West Africa and the leading financial inclusion services provider in Nigeria. The bank boasts of over 750 business locations and over 215,538 banking agents spread all the Local Government Areas in Nigeria. It also provides a comprehensive range of retail and corporate financial services to serve its over 42 million customers. It is championing the course of digital banking in Nigeria and has issued over 12 million cards.
With its international presence, FirstBank has subsidiaries in 9 other countries outside Nigeria and continues to make significant investments in technology, innovation and transformation.
Do you have a school and are keen on taking it to the next level?
Visit the FirstBank website
https://www.firstbanknigeria.com/personal/loans/more-financing-options/firstedu-loan/
or the FirstBank branch nearest to you.