• Latest
  • Trending
  • All
  • News
  • Intimacy
  • Politics
  • Dear Kemi
FirstBank Partners LSETF, Offers Funding At Attractive Interest Rate to Low-cost Private Schools

FirstBank Partners LSETF, Offers Funding At Attractive Interest Rate to Low-cost Private Schools

October 1, 2020
Why NBC Withdrew Broadcast Licences Of AIT, Sliverbird TV, Others

Why NBC Withdrew Broadcast Licences Of AIT, Sliverbird TV, Others

August 20, 2022
Real Reasons Emirates Is Suspending Flights To Nigeria

Real Reasons Emirates Is Suspending Flights To Nigeria

August 20, 2022
Unity Bank Rolls Out Yanga Market Penetration Campaign, Targets Millions of Underbanked Women

Unity Bank Rolls Out Yanga Market Penetration Campaign, Targets Millions of Underbanked Women

August 20, 2022
AFRIMA Fetes Jurors At Annual Patron Dinner

AFRIMA Fetes Jurors At Annual Patron Dinner

August 20, 2022
Ronke Odusanya Celebrates Daughter At Three…Babydaddy Pens Emotional Birthday Message

Ronke Odusanya Celebrates Daughter At Three…Babydaddy Pens Emotional Birthday Message

August 20, 2022
Ghana High Commission Refutes Akufo-Addo’s Alleged Letter Advising Tinubu To Step Aside For Peter Obi

Ghana High Commission Refutes Akufo-Addo’s Alleged Letter Advising Tinubu To Step Aside For Peter Obi

August 15, 2022
Ibidun Ighodalo: Tears Of Joy As Late Event Planner Reincarnates As Twin Girls

Ibidun Ighodalo: Tears Of Joy As Late Event Planner Reincarnates As Twin Girls

August 15, 2022
Finally, Annie To Dump Tuface As Musician Travels Abroad To See Babymama

Tuface’s Management Reacts To Pregnancy Of His ‘Banker Side Chic’

August 14, 2022
BEDC Assures Stakeholders Of Restoration Of Board, Management

BEDC Assures Stakeholders Of Restoration Of Board, Management

August 12, 2022
FirstBank Commemorates 2022 International Youth Day, Dedicates Week To Celebrating Youth

FirstBank Commemorates 2022 International Youth Day, Dedicates Week To Celebrating Youth

August 12, 2022
Rape/Abortion Drugs Supplies: Nollywood Actor Charged To Court Gets Bail

Rape/Abortion Drugs Supplies: Nollywood Actor Charged To Court Gets Bail

August 12, 2022
That Moment Serena Williams Weeps, Leaves Rogers Cup Final; Andreescu Wins (Video)

Serena Retires From Playing Tennis

August 10, 2022
  • Politics
  • Sports
  • Privacy
  • About
  • Contact
Kemi Ashefon Love Haven
  • Newsmakers
  • Dear Kemi
  • Love Stories
  • Just Singles
  • Intimacy
  • Entertainment
No Result
View All Result
  • Newsmakers
  • Dear Kemi
  • Love Stories
  • Just Singles
  • Intimacy
  • Entertainment
No Result
View All Result
Kemi Ashefon Love Haven
No Result
View All Result
Home Business

FirstBank Partners LSETF, Offers Funding At Attractive Interest Rate to Low-cost Private Schools

Kemi Ashefon by Kemi Ashefon
October 1, 2020
in Business, Featured, Financial Institution
249 13
0
FirstBank Partners LSETF, Offers Funding At Attractive Interest Rate to Low-cost Private Schools
510
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced its partnership with Lagos State Employment Trust Fund (LSETF) in a matching fund scheme.  The scheme aims to cushion the impact of COVID-19 pandemic on low-cost private schools by ensuring lending at an attractive interest rate.

His Excellency, Mr. Babajide Sanwo–Olu, Executive Governor, Lagos State; (Middle); Dr. Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited (second right); Honorable Jude Emeka Idimogu, Chairman, House Committee on Wealth Creation, Lagos State House of Assembly (right); Mrs Yetunde Arobieke, Honourable Commissioner, Wealth Creation, Lagos State (second left) and Mrs Tatiana Monsalli-Nouri, member, Board of Trustees, Lagos State Employment Trust Fund (LSETF) – represented Mrs Bola Adesola, Chairperson, Board of Trustees (BoT), LSETF (left) at the launch of the LSETF-FirstEdu Loan, to cushion the impact of COVID-19 pandemic on low-cost private schools, held recently at the Banquet Hall, Lagos House, Alausa, Ikeja, Lagos State.

The programme will provide access to finance where participating schools can each be availed up to N5 million as well as capacity development, business and financial advisory. There will be monitoring and evaluation to ensure prompt loan repayment.

To enjoy this funding opportunity, applications will be submitted via the LSETF portal for screening while successful applicants will be passed on to FirstBank for the loan appraisal and disbursement process. The loan is meant for working capital and asset finance to enable schools resuscitate their practice, acquire needed materials, upgrade their facilities, as well as pay staff salaries in order to bounce back, especially after the lockdown.

This scheme promotes entrepreneurship in Lagos State which is in tandem with the vision of LSETF to create employment and entrepreneurship opportunities for Lagos residents. It has provisions for Micro Enterprises (ME) and Small and Medium Enterprises (SMEs) across all the 57 LCDAs in the 20 LGAs in Lagos State.

Sanwo-Olu, the Executive Governor of Lagos State said the N5 billion Education Loan Programme was a precursor to many more human development sector-specific support programmes that would be unveiled by the LSETF on behalf of the State Government next month.

The Governor explained that the intervention was necessary, given the importance of education to building human capital. He said his administration took education as critical building 21st century economy and realising objectives set out in the T.H.E.M.E.S. agenda.

 
R – L: His Excellency, Mr. Babajide Sanwo–Olu, Executive Governor, Lagos State and Dr. Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited at the launch of the LSETF-FirstEdu Loan, to cushion the impact of COVID-19 pandemic on low-cost private schools, held recently at the Banquet Hall, Lagos House, Alausa, Ikeja, Lagos State.

The beneficiaries, Sanwo-Olu said, will have access to single-digit loan facilities to fund the provision of the amenities and services needed to aid learning.

He said: “It is thus heart-warming to have First Bank of Nigeria electing to be our exemplary partner for this intervention. With their support, players in the education sector would be getting the financial support they need to boost learning at a single-digit interest rate.

“I also commend the Board of LSETF and the management for this significant accomplishment. They have helped the Lagos State Government build an institution that has engendered public trust and elevated the hope of small businesses and young people, irrespective of challenges faced.”

According to Dr. Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited, “at FirstBank we recognise the indelible role played by the education sector in the growth of any economy and this underscores our partnership with Lagos State Government for continuous development of the education services in Lagos State and the nation as a whole. The commitment by the Lagos State Government – including this partnership – to enable schools is quite commendable as this will mitigate the challenges caused by the lockdown on the education sector following the COVID-19 pandemic.”

“With the single-digit funding targeted at about 2,000 low-cost private schools in the State, we are delighted at this opportunity to demonstrate our commitment to the development of education in Lagos State, thereby contributing our quota to further the mandate of the Lagos State Government – in partnership with LSETF – on economic growth, enhanced opportunities for employment and bridging societal gaps in education,” he concluded.

 
R – L: His Excellency, Mr. Babajide Sanwo–Olu, Executive Governor, Lagos State and Dr. Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited at the launch of the LSETF-FirstEdu Loan, to cushion the impact of COVID-19 pandemic on low-cost private schools, held recently at the Banquet Hall, Lagos House, Alausa, Ikeja, Lagos State.

Commenting on the Eduloan programme, Mrs Bola Adesola, Chairperson, Board of Trustees, Lagos State Employment Trust Fund (LSETF) stated that; “According to the NESG the Education Sector remains a growth area for job creation and a report on job creation by the NBS states that the Education Sector is one of the top 5 sectors that created over 59m jobs in 2017. This fact is buttressed by the data collected by LSETF in previous loan programmes. The objective of the LSETF-FirstEdu loan is to create employment, improve the quality of education for our youth by providing access to affordable finance to low-cost private schools and vocational training centres.

Tags: Babajide Sanwo-OluFirst Bank
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2022 Kemi Ashefon Love Haven - Designed by Phatfirm.

No Result
View All Result
  • Dear Kemi
  • Intimacy
  • Just Singles
  • Love Stories
  • Newsmakers
  • Entertainment

© 2022 Kemi Ashefon Love Haven - Designed by Phatfirm.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In