The FirstEdu loan is available to Private schools owners who require extra funds for the smooth running of their school operations.
- Tenor is up to 90 days.
- Maximum Loan Amount is N10m.
- Collateral is undertaking to domicile school fees with FirstBank.
- School must have been in account relationship with FirstBank for a minimum period of 9 months.
- Available only to private schools that are duly registered with CAC.
- School must have a minimum student population of 100.
- Convenient means to finance working capital needs.
- Evidence of Government Approval of school.
- School Memorandum and Articles of Association (MEMART) where applicable.
- Documents showing how long school has been in the business.
- Documents showing the number of students in the school.
- Any other documents that may be required by the bank.
Who Can Apply
- Private pre-primary, primary, secondary schools, A’ level Tuition Providers registered with both State Ministry of Education and Corporate Affairs Commission.
Frequently Asked Questions
1) Will the school be required to use its property as collateral for this loan?
No, the loan is given against domiciliation of school fees.
2) Can this facility be used to construct school buildings?
The facility is a short-term facility designed to finance working capital needs of schools. There is a product (Commercial Mortgage) available for schools who want to construct school buildings.
3) What amount can a school get from the bank under this product?
A school may obtain up to N10 million maximum.
4) When can a school apply for this facility?
This facility is available to schools all through the year.