Private schools can now get operational capital of up to Sh200 million after Equity Group signed a partnership pact with the Kenya Private Schools Association (KPSA).
KPSA chairman Mutheu Kasanga said its members, who are facing cash flow challenges qualify for development and mortgage financing beginning from an unsecured facility of up to Sh3 million increasing to Sh200 million.
Kasanga said KPSA together with the Ministry of Education had come up with a framework to improve the education standards through such solutions that tackle the cash flow needs for schools.
“The partnership is commendable since it is aimed at enhancing the quality of education by enhancing the capacity of our members to improve their facilities in compliance to set requirements,” she said as reported by Business Daily.
According to Equity manager of asset finance Charles Nyoro, schools seeking funds to expand facilities, working capital financing as well as in moveable asset financing have qualified for the loan.
“As schools re-open we are offering them integrated financial services to fast-track recovery from the adverse economic effects of Covid-19,” he said.
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KPSA has its membership drawn across the country from kindergarten, primary, and secondary school owners to private teachers training colleges.
KPSA CEO Peter Ndoro noted that schools had reopened amid financial challenges that KPSA could like to address through the provision of a fiscal stimulus package by the government.
Ndoro said the lobby group had requested a package of up to Sh7 billion to enable its members to spruce up their facilities, service loans, and introduce sanitation facilities as per the guideline put to curb the spread of Covid-19.
