EFC School Improvement Finance

EFC School Improvement Finance is a product that offers credit to private school proprietors to help them expand their activities and improve the learning environment.
It can be utilized for the following;
- Construction of extra buildings
- Spot improvements such as plastering, painting, or tilling
- Acquisition of movable fixed assets such as ICT and Science equipment
- Working capital needs such as payment of teacher’s salaries and any other school-related expenses during the course of the school term
Product Features
- Negotiated processing fees 0.5%.
- Affordable interest rate as low as 12% per term on outstanding balance.
- A dedicated, trained and knowledgeable Relationship manager
- Opportunity to join the Education Quality Program
- Easy access to affordable financing for all your school needs
- A grace period of up to 60 days
Eligibility
- Be owned as a private limited company, a trust managed, church-owned, partnership, or sole proprietor
- Be registered or licensed with the Ministry of Education
- Valid operating license from the relevant authorities
- Be at least 2 years old at the time of application
- Should have at least 200 active learners as a bare minimum
- The net dropout rate should not be more than 15% a year (Net drop out= New entries - Dropouts)
- Key staff such as head teacher and bursar should have at least 2 years’ experience in the position they are serving
- Banking history with another financial institution and accounting services
- Evidence of proper record recording.
- Proper Management Information System is a plus not a must