Nigeria’s top tier lender, First Bank of Nigeria Limited said on Wednesday it has earmarked a N15bn Loan budget to enable schools in Nigeria acquire attractive educational facilities to support their business.
FirstBank says the loan is to support Nigerians who run a school and seeking to grow their business. “FirstBank has you covered with Convenient and Flexible Educational Solutions for Schools…No collateral required!,” the lender said.
The support will come came with three solutions from the bank which include The FirstEdu loan: targeted at private Nursery, Secondary and A-Levels schools. The product offers opportunity for private schools to access flexible funding to meet urgent cash flow needs, replace old furniture and equipment, as well as refurbish dilapidated buildings and classroom blocks.
According to FirstBank, with this product, school owners/proprietors can now stay ahead of competition in providing educational services and support to the target population as well as maintain acceptable standard infrastructure at all times.
“This product allows the customer access up to N20 million with no tangible collateral required apart from the domiciliation of school fees collection account with the Bank. This certainly reduces the cost of borrowing to the customer and eliminates the challenges posed by the provision of additional demanding collaterals,” the lender said.
The second solution is the Operational Vehicle Loan: targeted at registered businesses and allows the entrepreneur to acquire brand new vehicles for the day to day operation of the business. Institutions can take advantage of this facility to purchase school buses in the case of school proprietors and even upscale their staff welfare schemes through provision of staff buses. “Terms and conditions are competitive,’ FirstBank added.
The third solution is the Salary Overdraft Account (SODA ): available to customers who want short tenured overdraft to meet immediate financial needs. “SODA can be dispensed as a one-off overdraft for 30 days or a revolving overdraft for 180 days with up to 50 percent of net monthly salary. Only a salary account with any of FirstBank’s approved list of employers qualifies the customer to access SODA,” FirstBank affirmed.
The lender says its educational facilities are offered without collaterals. “So, as the new school term resumes, the bank has made available right products and services tailored for school owners and proprietors just as it is poised to constantly provide the platform to support the life styles of its teeming customers. Customers and stakeholders are enjoined to visit any FirstBank branch for further information about its school solutions,” the bank added.