The FirstEdu loan is available to Private schools owners who require extra funds for the smooth running of their school operations.
- Available to all private schools duly registered with CAC (either Government approved or not).
- Tenor is from 90 days to 12 months (terms and conditions apply).
- Maximum Loan amount is N20m.
- Schools with CAC registration but without Ministry of Education approval can access up to N2million for 90 days.
- Finance of operational vehicles for schools (new and fairly used)
- Asset acquisition of up to N20m for 24 months.
- Collateral is undertaking to domicile school fees with FirstBank.
- School must have been in account relationship with any bank for a minimum of 12 months.
- 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
- Schools with CAC registration but without Ministry of Education approval can access up to N2million for 90days.
- Private pre-primary, primary, secondary schools, A’ level Tuition Providers registered with both State Ministry of Education and Corporate Affairs Commission.
How to Apply
- To Apply for an FirstEdu Loan,
A ₦5B intervention fund targeted at Schools and relevant educational institutions (in ME & SME categories only) which have been in operation for over one year, and with minimum students population of 100 (one hundred).
The fixed interest rate is at 9% per annum (all-inclusive).
Twelve (12) months or less for loans less than or equal to N1 million
Twenty-four (24) months for loans greater than N1 million
Maximum of N5 million.
- Must be a resident of Lagos State
- School or Training Institute must be registered with the CAC and operational for at least 1 year
- Have at least 100 students registered for a whole year
- Must provide Two (2) Guarantors with a sizable income
- Clean credit report
- Evidence of Tax Payment
- Application form
- CAC Documents
- 6 months bank statement
- LASRRA ID (Lagos State Residency Registration) of the borrower
- Evidence of Tax payment
- Bank Verification Number (BVN)
- One (1) Guarantor who must have verifiable LASRRA registration – (Below N500,000)
- Two (2) Guarantors who must have verifiable LASRRA registration – (Above N500,000)