Stanbic IBTC to fund EHA Clinics’ expansion in Lagos, Abuja
The eha Impact Ventures, one of the country’s fast-developing startups, has announced its collaboration with Stanbic IBTC to de-risk a $300,000 loan to EHA Clinics, a world-class primary healthcare provider in Nigeria.
Stanbic IBTC’s loan will fund EHA Clinics’ expansion in two new locations in Lekki, Lagos State, and Lugbe, Abuja, Federal Capital Territory.
The new facilities in Abuja and Lagos are estimated to provide quality care to an additional 60,000 people annually.
With the loan, the clinics will be outfitted with high-quality medical equipment to provide quality care to EHA Clinics’ customers. To secure the loan, eha Impact Ventures, the majority shareholder of EHA Clinics, provided Letters of Credit to Stanbic IBTC.
eha Impact Ventures in a statement on Friday explained that it was aimed at, “Improving access to quality healthcare in Nigeria is one of eha Impact Ventures’ major goals,” said Evelyn Castle, eha Impact Ventures CEO.
“To achieve the Sustainable Development Goals (SDGs), trillions of dollars of investment are needed. Philanthropy and impact investors alone are not going to be enough.
“Partnerships with progressive banks like Stanbic IBTC to develop and implement these innovative financial solutions will get us closer to closing the SDG funding gap.”
It further stated that unlike many healthcare companies in Nigeria, EHA Clinics is focused on providing affordable care packages to people at all levels of the economy.
Their innovative community-based program, REACH, provides quality, evidence-based care and affordable medication to low-income urban populations.
Additionally, they have developed a creative technology backbone that allows seamless integration between clinic facilities and their “healthmate” app, providing customers direct access to EHA Clinics’ services, resources, and support.
Commenting on this latest development, the Chief Executive Officer of EHA Clinics, Adam Thompson, said: “We are grateful for the partnership between eha Impact Ventures and Stanbic IBTC, which facilitated this loan opportunity. In addition to the financial support, EHA Clinics is now able to build our credit history with the bank, allowing easier loan facilitation in the future.”
Also speaking on the strategic partnership with eha Impact Ventures, the Head of Specialized Sectors at Stanbic IBTC Bank, Jane Ike-Okoli, noted that the bank’s support is in line with our commitment to drive positive change and improve access to healthcare finance.
“As a growth partner, it is collaborations like these that allow us to demonstrate our support for the healthcare businesses in Nigeria by delivering flexible, innovative solutions through our strategic partnerships while fostering affordable quality healthcare service,” she stated.
The Head, Commercial Clients Coverage at Stanbic IBTC Bank, Babatunde Akindele, stressed that healthcare is a basic need that everyone should access easily.
According to him, “Stanbic IBTC is willing to support strategic partnerships to improve healthcare infrastructure and enable qualitative service delivery, which will restore the hope of many Nigerians.”