EdFin Microfinance Bank and Lagos State Employment Trust Fund (LSETF) are providing N5 billion single-digit interest rate loans to over 2,000 private schools and individuals.
The intervention fund is part of the the state government’s initiative to help schools recover from the shocks and losses because of COVID-19.
Depending on capacity, each school will have the opportunity to access up to N5 million payable over 30 months at nine per cent yearly.
LSETF Executive Secretary, Mrs. Teju Abisoye, who announced the partnership, during a webinar, said the matching fund loan programme would support education sector in the state.
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The loans are targeted at schools and relevant educational institutions such as vocational Training Centres that have been in operation for over one year and will also support young people looking for financing to fund their education.
Managing Director/Chief Executive Officer (CEO) of EdFin MfB, Bunmi Lawson, lauded the Lagos State government for the initiative. She stated that this is the first dedicated education fund in Nigeria and EdFin being the first specialised education finance bank is happy to partner the Lagos State government and the state education ecosystem to support schools with the funding they need.
She further added that the fund would also assist employable persons fund their tuition to improve skills thus enabling then increase their income.
She stated that while the past seven months had been very challenging, especially for school owners due to the global pandemic, there was cause for optimism as new opportunities emerge as schools reopen.
She, therefore, urged private school owners to leverage and maximise the unique opportunity this intervention provides to help position their schools to harvest the gains of the post-lockdown era.
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