Dubbed Advans School Development loan, the new service would allow private primary, junior high schools and vocational institutions heads who wish to expand the infrastructure of the school but lacks the finance to do so to access the loan and pay back on flexible terms.
Mrs Barbara Odei, Chief Operations Officer, speaking at the event noted that the initiative is a good because it would satisfy a need and enable these private schools have access to loan facilities since they get no subventions from government for their operations.
She said the loan could be accessed by the said institutions to allow them to build classroom blocks, refurbishment of schools laboratory and library, buying of school bus among other things.
Mrs Odei said the company through its research identified this need because most financial institutions see it as a risk area.
She said children are the bedrock of the future and as such need to be given good education to be able to take up the mantle of the country for national development.
She said Advans Ghana believes in helping institutions to grow and therefore found the initiative important.
Mrs Odei said all privately owned schools wanting to grow and improve should consider the new service because it has come at an opportune time.
Mrs Elise Okyere Darko, Facilitator of the Project, said basic education providers are many in the country especially the privately owned ones, hence the School Development initiative was aimed at providing finance and encouraging deposit for such organisations.
Private schools could access minimum loan of GH₵ 5,000 and a maximum of GH₵150,000 with an interest rate of 3.9 per cent and 5.99 per cent, she said.
She said the company currently has a payroll and a mobile bank service, which allows for easy payments and transactions by clients and would soon be introducing the overdraft and bonus savings service to help finance the treasury shortages of private schools while improving on its development needs.
Advans Ghana Savings and Loans LTD is an affiliate of the Advans Group which provides adaptable financial products and services.
It began operations in 2008 and currently serves 30,000 clients throughout 12 branches located in Accra, Kumasi, Suhum, Ho and Koforidua.
Source: GNA/News Ghana
