Banking

First Bank extends FirstEdu loan for schools to 4 years

First Bank has announced that its FirstEdu loan for schools to finance capital projects such as the acquisition of new property and others has been remodeled to a period of up to four years (48 months).

First Bank made the announcement in a statement made available to The Star on Thursday, September 14, 2023.

FirstEdu loan, according to the bank, is targeted at private Nursery and 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.

To enjoy the loan offer, the interested school must have been in business for at least 24 months, maintained an account relationship with First Bank for at least six months, or any bank registered with the Central Bank of Nigeria (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.

Speaking on the impact of the loan, 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.”

First Bank added: “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.”

The Star