Lloyds Bank launches new loan product for independent schools
Lloyds Bank Commercial Banking has launched a new loan product specifically for independent schools as part of its on-going commitment to the education sector.
The ‘Independent School Investment Loan’ has been introduced to support schools’ investment plans, whether it be improvements to buildings or the build of new premises, installing the latest technology or purchasing new sports equipment.
Ian Buss, head of education at Lloyds Bank Commercial Banking, said: “Independent schools understand that they need to stand out to attract a new intake of students each year, and they are increasingly investing in their school’s infrastructure so they can provide state-of-the-art classrooms, technologies and sporting facilities.
“They realise these investments can also help them secure the best teachers, but often, when applying for funding, it is the first time a school’s management team has had to undergo such a process.
“This is why we have worked closely with the Independent Schools Association to develop a guide that simply explains the loan application process and what to expect along the way. We also have a number of industry-specialist relationship managers based throughout England and Wales that are dedicated to supporting schools with ambitions to expand and improve, and we look forward to working with more of them over the coming months and years.”
Neil Roskilly, chief executive at the Independent Schools Association, said: “Support from trusted advisors when making a significant financial investment is vital for independent schools, and this is why we have backed Lloyds Bank’s development of a dedicated loan offering for the sector.
“The supporting guide clearly outlines the steps financial management teams need to take to prepare a thorough funding application, and what documents are required. We are confident that the support from Lloyds Bank will give independent schools the helping hand they need to activate their investment plans.”
One school that has already benefited from the Independent School Investment Loan is Longacre School in Guildford. It used a £1.8m loan to open a new sports hall, creative arts studio and music practice rooms.
Alexia Bracewell, headteacher at Longacre School, said: “At Longacre, we’re committed to providing our students with the activities and lessons that will help them to develop and discover new skills, whether that’s on the sports field or managing the sound for a music show.
“With the support of Lloyds Bank we have been able to make sporting activities available all year round, and we know that future generations of children will benefit from these fantastic new facilities.”
Ian Buss, head of education at Lloyds Bank Commercial Banking