KAMPALA — EFC Uganda has unveiled a new loan product dubbed “Upgrade Your School” focused on improving low end private schools in Uganda’s education space.
Mr. Michael Ssekyondwa, the EFC Uganda Executive Director told reporters that the solution looks at availing capital that private schools can use to acquire more land, spot improvements, purchase of fixed assets and increasing their working capital.
The other benefits, he said schools will also be able to improve their school infrastructure including acquiring land for school expansion to cater for additional classrooms, dormitories, wash facilities, playground facilities, staff facilities, kitchenettes and undertaking spot improvements among others.
Ssekyondwa stressed that “Quality Education is a key function to Uganda’s development. And the intervention of financial institutions to tackle some of the prevailing challenges cannot be overlooked. We are happy to be contributors to this great cause”.
According to loan terms, all proprietors of pre-primary schools, primary schools, secondary schools, vocational colleges, and universities operating legally in Uganda are eligible to access this product.
The minimum amount that can be borrowed under this arrangement is UGX 2.5M.
Jane Aik from Opportunity International who are partnering with EFC to provide affordable loan product encouraged school proprietors and leaders to have updated school documentation like a school profile and financial records that stipulate all key school information.
“Updated documents will make access to this loan product easier and faster, ” she said.
Dr. Sarah Nkonge Muwonge, a member of the private school owners’ body called this product an opportunity to private schools because COVID-19 left most of them dilapidated.
She pledged to encourage follow private schools proprietors to accommodate this program.
Dr. Nkonge said private schools do not have money during holidays to pay teachers making it hard for businesses to stand.
She also revealed that the government doesn’t offer any help to these private schools.
