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.
Frequently Asked Questions
1) Will the school be required to use its property as collateral for this loan?
Collateral is undertaking to domicile school fees with FirstBank.
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?
Maximum Loan amount is N20m.
4) When can a school apply for this facility?
This facility is available to schools all through the year.
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).
Fixed interest rate 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)