Home » Life style » Education » School Owners Worried As Banks Threaten To Take On Their Property
school owners to lose property over loans

School Owners Worried As Banks Threaten To Take On Their Property

With unpredictability of reopening schools and institutions in Uganda, School owners are worried over banks which have already started threatening to take on their property they mortgaged as security for loans they received.

The secretary of the Federation of Non-State Education Institutions (FENEI) Mr Kaboyo Patrick told media that many of their members were given loans by commercial banks purposely to pay teacher’s salaries, construct laboratories, refurbishments, and expand their institutions hoping that they will service the loans using student’s fees, but unfortunately, they were unable to service the loans since the president announced a lockdown three months ago due to covid-19 outbreak.

Although he did not mention the number of the affected schools with loan burden,  Mr Patrick revealed that he has never heard of any private school which has existed without a loan, adding that majority of private school owners receive loans at the end of the year and begin to pay back as soon as the schools open which is usually January and February.

For example, one of the school owners in Wakiso District, whose names were withheld, revealed that he borrowed Shs140 million from a certain bank payable within 3 years, but is already worried since the president declined to reopen schools.

Check also;

This is not a Paywall, but Newslex Point's journalism consumes a lot of time, hard-work and money. That's why we're kindly requesting you to support us in anyway they can, for as little as $1 or more, you can support us .

Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.

Donate Button with Credit Cards

Comments

comments

Loading...

About lukwago J

Posted by LUKWAGO. J: He's a writer, editor, blogger, affiliate and a web developer, he loves thinking creatively and finding new ways to implement different programming ideas.
Loading...
x

Check Also

The Ministry of Education

Ministry Of Education Should Check Reopening of Schools

The Ministry of Education should check the reopening of schools before the D-Day arrives. Most ...