Stanbic IBTC Bank Plc has introduced a school loan product for private primary, secondary and tertiary institutions, to enable them meet their short-term financial requirements.
After several months of physical and economic disruption due to the COVID-19 pandemic, schools have resumed to contribute meaningfully towards national development continually.
One of the apparent effects of the pandemic on the educational sector is the inadequacy of funds.
According to a statement, the Stanbic IBTC school loan is available to privately owned schools for the establishment, expansion or upgrade of primary and specialised facilities. It can also be used for short term working capital requirements.
The Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Remy Osuagwu said: “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.
“Stanbic IBTC will continue to provide solutions aimed at mitigating the effect of the pandemic on both individuals and organisations.”
Osuagwu further reiterated that the school loan product is not restricted to the pandemic period as institutions can always apply for it.
The tenor of the loan ranges from 90 days to 48 months, and the minimum applicable loan is N1 million.