First Bank of Nigeria Limited has announced a loan facility of N15bn for schools nationwide to enhance preparation for the commencement of another school term this week.

The Bank said:

First Bank of Nigeria Limited is in its usual style supporting schools with their educational requirements to enhance preparations for the school year. FirstBank developed an array of products and solutions targeted at enabling schools to acquire attractive educational facilities to support their business whilst empowering parents and guardians to seamlessly send their wards back to school. The Bank has set aside N15 billion loan budget for schools in Nigeria.

Targets of the Loan Facility

The educational products and solutions include :

• FirstEdu Loan: The FirstEdu loan is available to Private schools owners who require extra funds for the smooth running of their school operations 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.
• Operational Vehicle Loan : The Operational Vehicle loan as part-finance to purchase new vehicles for business. Only to be used for the day-to-day running of the business only & not for commercial transportation. Maximum loan amount of N10 million and the vehicle must be purchased from First Bank approved vendor. This is aimed at Supporting business growth and expansion by giving beneficiaries the opportunity of purchasing the vehicle with ease. This product, helps  school owners/proprietors to  stay ahead of competition by providing educational services and support to the target population and maintaining acceptable standard infrastructure at all times.
• Personal Loan against Salary (PLAS): This loan is designed to help customers meet personal financial needs without having to wait for pay-day.
• Salary Overdraft (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 qualifies you to access PLAS and SODA if you work with any of FirstBank’s approved list of employers.

First Bank of Nigeria Limited (FirstBank) is Nigeria’s premier commercial bank and most valuable banking brand. With over 10 million active customer accounts and more than 750 business locations.The Bank provides a comprehensive range of retail and corporate financial services to customers and investors wishing to explore the vast business opportunities available in Nigeria and our business locations across Africa, Europe, Middle East and Asia.