Private schools can now access operational capital of up to Sh200 million after listed lender Equity Group inked a partnership pact with the Kenya Private Schools Association (KPSA).
KPSA chairman Mutheu Kasanga said its members, currently facing cash flow challenges qualify for development and mortgage financing starting at an unsecured facility of up to Sh3 million rising to ShSh200 million.
He said KPSA jointly with the Education ministry had formulated a framework towards improving education standards via such solutions that address cash flow needs for schools.
“The partnership is commendable since it is aimed at enhancing quality of education by enhancing capacity of our members to improve their facilities in compliance to set requirements,” she said.
Equity general manager in-charge of asset finance Charles Nyoro said schools seeking funds to expand facilities, working capital financing and in moveable asset financing can apply 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.
KPSA draws members countrywide from kindergarten, primary and secondary school owners to private teacher training colleges.
Earlier, KPSA chief executive Peter Ndoro said schools had reopened amid financial challenges that the lobby group hoped would be addressed via provision of a financial stimulus package by the government.
Mr Ndoro said they had requested a package of up to Sh7 billion to enable private school operators spruce up their facilities, service loans and introduce sanitation facilities in conformity to Covid protocols.