FirstBank Improves Quality Of Education Through Firstedu Loan
OpenLife Nigeria reports that 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.
This sis contained in a statement signed by Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited.
According to the statement, FirstEdu loan has promoted the continued improvement of schools whilst putting them at an advantage in meeting their mid and long-term goals since its launch in 2018.
The 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.
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.
Expressing his delight at the impact of the product, The Group Executive e-Business and Retail Products, Mr 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’’ he concluded.
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. We will be delighted to partner with you on taking your school to the next level.