Stanbic IBTC rolls out loans for private schools

Stanbic Bank has issued a loan scheme to support private schools
Ernest Sunday

Stanbic IBTC Bank Plc has organised a school loan scheme for primary, secondary and tertiary institutions within the private sector, to help them meet their short-term financial needs.

The school loan scheme was revealed by the Executive Director, Personal and Business Banking Stanbic IBTC Bank, Remy Osuagwu during a speech with reporters.

According to Osuagwu, the school loan is to help privately owned schools that have been affected financially especially during the coronavirus pandemic sort out their financial setbacks with focus on establishment, expansion or upgrade of primary and specialised facilities.

He added that the institutions that are eligible for the school loan are private schools that have been operating for at least five years.

The issuing out of the school loan will last from 90 days to 48 months, and the minimum applicable loan is N1 million.

“The school loan product is designed to support institutions which have been in operation for at least five years. We understand the current financial situation of the country, especially the effect of the pandemic, which has disrupted plans and processes", Osuagwu said.

“Stanbic IBTC will continue to provide solutions aimed at mitigating the effect of the pandemic on both individuals and organisations.”

After months of challenges due to the COVID-19 pandemic, schools have resumed, and many of the private schools have been affected financially. Getting the new school loan will help them a lot in moving forward.

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