By Bridget Tikyaa
Benue Government has launched School Improvement Loans (SIL) scheme to support private school owners meet the set education standards in the State.
Launching the scheme in Makurdi, Director General (DG), Bureau for Education Quality Assurance (BEQA) Dr. Terna Francis said they are have partnered NOVUS Microfinance bank for the scheme.
Dr Francis said following their school inspection, the bureau discovered that most private schools in the state were in deplorable states and did not meet the minimum educational standard set by the State Government.
He said Gov Hyacinth Alia having reviewed the inspection report, ejected funds into the state owned NOVUS Microfinance bank for the scheme.
He further explained that the loan scheme was the governor’s modest support to the proprietors not just for their improved businesses but the general improvement of the quality of education in the state.
He said 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 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 because the governor want quality education in Benue.
“It is a window for proprietors of schools to access loans at a very low interest rate so that they we be able to build their schools and ensure that they are up to date and up to the standard we are asking of them”.he said
He said the scheme was for the improvement of the quality of education as well as infrastructure for only private schools in Benue.
Also, speaking at the occasion, Patricia Goja, the Managing Director (MD/CEO), Novus Bank, said the Bank in partnership with BEQA would provide loans at 3 per cent interest rates to the proprietors.
Goja explained that the SIL scheme to schools proprietors ranges from N500,000 to N10 million and depends on their capacity to repay back the loans.
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.
She also insisted that for the schools to be able to access the loan facility, they must be of good credit standing, and the applicants for the loans should not be less than 25 years of age.
Meanwhile, in his response, Sunday Ojo, State Chairman, National Association of Proprietors of Private Schools (NAPPS), who welcome 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.
He said that NAPPS was aware of the capacity of its members, stressed that the risk factor of granting its members the facility was very low.
