Together with Prodigy Finance, INSEAD is set to launch a new international loan program for its MBA students. The program called The Prodigy MBA Bond for INSEAD is expected to be a sucessful project, which will help provide financial assistance to INSEAD’s MBA students while letting investors and some alumni gain profits from their investments. The partnership is expected to be a fruitful venture since INSEAD, an international business school with branches in Singapore, Dubai, and France, has already worked with the company, which offers international educational finance. INSEAD Dean J. Frank Brown has confirmed that the international business school has been working side by side with Prodigy Finance for the last four years.
Prodigy Finance founder, Ryan Steele, cited the value of a bond, which is greatly appreciated by family offices and alumni investors. The company, according to Steele, has more than 5.5 million euro in assets. It was able to give investors 5% returns per year since 2007, in spite of the economic meltdown. This project was actually started by three alumni of INSEAD to provide an alternative source of funding, other than banks, for students who want to pursue higher education. It started in 2007 and has now covered about 198 INSEAD MBAs from different countries. In December this year, the company is expected to provide loans to 160 students.
The program is made possible through the community education bond amounting to 50 million euro. The bond is actually linked to 200 students to ensure diversification. The investors can easily track online which students are given school funding, getting them more involved with the project.
Photo Credits: Allan Cleaver