Benue launches loan scheme for private school owners

Benue Government has launched School Improvement Loans (SIL) scheme to support
private school owners meet the set education standards in the state.

Dr. Terna Francis, the Director-General, Bureau for Education Quality Assurance (BEQA), said at the launch of the scheme in Makurdi on Wednesday that the initiative is in partnership with NOVUS Microfinance Bank.

He explained that the move came after the bureau’s inspection which discovered that most private schools in the state were in deplorable state.

and did not meet the minimum education standard set by the state government.

He said that the loan scheme was Gov. Hyacinth Alia’s modest support to proprietors to improve the quality of education in the state.

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He added that the loans were given at the lowest interest rates not just to improve the quality and standard of education in the state but also to improve the state’s economy.

“When we started this work, you asked what the government was going to do to support the private sector to strive. This is the governor’s package for you.

This package is only for the private school owners and this is because the governor wants quality education in Benue.

“It is a window for proprietors of schools to access loans at very low interest rate so that they can build their schools and ensure that they are up-to-date and up to the standard we are asking them to achieve,” he said.

Patricia Goja, the Managing Director, NOVUS Microfinance Bank, said that the bank, in partnership with BEQA, would provide loans at three per cent interest rate to the school
proprietors.

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Goja explained that the SIL scheme ranges from N500,000 to N10 million, depending on the capacity of the school proprietors to repay.

She also said that applicants would first deposit 10 per cent equity, submit six months school account statements for verification.

Goja further explained that for the schools to access the facility, they would also submit a letter of consent from BEQA, as well as provide collateral for the loans, which is basically movable assets.

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She said the schools must be of good credit standing and applicants should not be less than 25 years of age.

Sunday Ojo, the State Chairman, National Association of Proprietors of Private Schools (NAPPS), who welcomed the development, assured that his members would repay the loans given to them.

Ojo said the association would vouch for its members at all times.