Sustainable Business for Uganda (SB4U) on Thursday organised “The Business-Financier Meet 2023” at the Golf Course Hotel which brought together funders and entrepreneurs who are keen on enhancing their businesses’ growth.
SB4U is the fruit of a partnership between the EU, the Government of Uganda (GoU), and the Private Sector Foundation Uganda (PSFU), funded by the EU.
SB4U is working collaboratively to improve access to finance for entrepreneurs and investors by addressing issues such as a lack of information on financing options.
“Entrepreneurs are ready to showcase their investment projects, and financiers are eager to explore new opportunities. The Business-Financier Meet is not just a networking event; it is a platform that connects dreams with opportunities. We are here to bridge the gap between promising investment projects and the financial support they need to thrive with a mission to enhance access to finance for Small and Medium Enterprises (SMEs),” said Sarah Kitakule, SB4U Director, in her opening remarks.
She added: “SB4U is hosting the Business-Financier Meet with the aim to provide a platform for financiers to pitch their financing options and support the growth of SMEs.”
Addressing the knowledge gap in financing options is vital for business growth, said Francis Kisirinya, Chief Membership Officer at PSFU, adding that financiers must align their offerings with businesses’ needs.
He said the major challenge affecting business people is financing with many businesses being financed by family members. “You can develop the economy when the major financiers are family members.”
He said many business people don’t know about other sources of funding like commercial banks and other financial institutions due to a lack of awareness.
He cited contracts as another challenge noting that some people enter contracts without reading and understanding them clearly and hence end up failing to pay back the loans.
In his remarks, Kenneth Kitariko from European Union reaffirmed the EU’s commitment to supporting Ugandan entrepreneurs through various initiatives to nurture the growth of Uganda’s entrepreneurial ecosystem.
He said money isn’t the problem but where to invest it and urged entrepreneurs to make good business plans that investors can finance.
According to him, 20% of Ugandan businesses close in their first year while over 70% close by the 10th year.
Doris Achieng, Country Coordinator of East Africa Venture Capital Association (EAVCA), shared insights on private equity – a strategic approach that allows financiers to fuel business expansion while forging fruitful partnerships with entrepreneurs.
Ronald Kasasa, Head of SME at dfcu Bank, said they believe in reaching every entrepreneur no matter where they are.
“With a vast network of branches and agents, we are committed to empowering businesses at the grassroots level,” he noted.
He added: “Through the ADC Business Accelerator Program, we are combining agriculture and women’s economic empowerment, we unleash the magic pill for nationwide economic prosperity.”
Tony Otoa from Stanbic Business Incubator, shared valuable advice for entrepreneurs seeking financing, saying preparation is paramount.
“Have a solid business plan, understand your funding needs, and establish a robust credit history.”
Robert Ntalaka, Program Manager at Centenary Bank, said since 1983, Centenary Bank has been a strong pillar for Ugandan businesses.
“With a customer base of 2.4 million as of January, we remain committed to empowering SMEs with affordable credit, nurturing their growth and success,” he stated.
Godber Tumushabe, a farmer, social entrepreneur, lawyer, and policy analyst, said strength lies in unity citing the Fortune 500 Investors Club which proves the power of coming together to raise funds for new businesses.
“With 988 members and 1.4 billion in investment capital, we are actively supporting promising ventures,” he noted.
Silver Kayondo, a partner at Ortus Africa Capital, said they are a guiding light for investment decisions in Africa.
“With a focus on diverse asset classes, we have built an investment platform, enabling global investors to partake in Africa’s growth story,” he pointed out.
Williams Munobe, on his part, said Jubilee Insurance is a trusted partner for SMEs in Uganda, offering a wide array of insurance options to safeguard their businesses.
“From health and property insurance to cyber, we tailor solutions to meet your needs,” he stated.
Beatrix Kagene who spoke on behalf of the Uganda Development Bank said: “UDB is your partner for sustainable growth! We have funds geared to support SMEs in green finance. With asset financing for machinery and specialized startup advisory, we pave the way for success.”
Eric Seguya from Housing Finance Bank said with Small Business Loans, Lines of Credit for housing projects, and a competitive Trade Finance Solution, Housing Finance empowers entrepreneurs to achieve their goals.
