First Bank Loan for Private School Owners in Nigeria 2022

The FirstEdu loan is available to Private schools owners who require extra funds for the smooth running of their school operations.

Loan Features

  • 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.

Benefits

  • Convenient means to finance working capital needs.

Documents Required

  • 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

LSETF

Brief Description

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).

Interest Rate

The fixed interest rate is at 9% per annum (all-inclusive).

Loan Tenure

Twelve (12) months or less for loans less than or equal to N1 million

Twenty-four (24) months for loans greater than N1 million

Loan Amount

Maximum of N5 million.

Eligibility Requirements

  1. Must be a resident of Lagos State
  2. School or Training Institute must be registered with the CAC and operational for at least 1 year
  3. Have at least 100 students registered for a whole year
  4. Must provide Two (2) Guarantors with a sizable income
  5. Clean credit report
  6. Evidence of Tax Payment

Required Documents

  1. Application form
  2. CAC Documents
  3. 6 months bank statement
  4. LASRRA ID (Lagos State Residency Registration) of the borrower
  5. Evidence of Tax payment
  6. Bank Verification Number (BVN)
  7. One (1) Guarantor who must have verifiable LASRRA registration – (Below N500,000)
  8. Two (2) Guarantors who must have verifiable LASRRA registration – (Above N500,000)
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