"Standard Chartered Bank offers higher loan amounts at low interest rates to SMEs"

By Annet Kyomuhangi

Small and Medium Enterprises (SMEs) are the backbone of Uganda’s economy contributing to over 70% of the country’s GDP and a source of livelihood to 2/3 of the population.

Therefore, as Standard Chartered Bank we are committed to the growth of SMEs in Uganda and we have demonstrated this through providing of structured and tailored solutions in our dedicated Business Banking department.

This entails provision of high-quality services and products, building lasting relationships and remaining relevant to our customers in Uganda.

Standard Chartered Bank has set out to enhance SMEs access to affordable credit through one of the Bank’s STANDS aimed at lifting participation of Women, Youth and SMEs.

This not only fosters affordable business support but also promotes sustainable growth of SMEs and builds their resilience against business shocks.

SMEs continue to face challenges arising from inadequate financing, so to support them to overcome these challenges, Standard Chartered Bank Uganda is offering an integrated financing campaign dubbed “Fuuka Muloodi” for Small and Medium sized Enterprises.

This campaign allows clients to gain access to greater capital and structured finance based on their business needs.

Through this campaign, SMEs have the opportunity to apply for up to Ugx 3.5 billion, at zero arrangement fees and a very competitive interest rate of 16.5% p a.

This enables them to access sizeable credit following the financing challenges partly attributed to the covid-19 effects and increased inflation, among other challenges.

We have revolutionized banking by creating efficiencies which enable clients to have 24- hour access to their bank through our Digital platform - Striaght2Bank.

Straight2Bank is our award winning fully integrated end-to-end electronic banking platform which enables our clients perform transactions across cash, trade, foreign exchange and securities services.

It is one of the most comprehensive electronic banking platforms available in the market as it gives businesses a single point of access for client transactions, hedging and information needs, allowing them to streamline their workflow processes.

It is best suited for all SMEs, local and international corporate companies and financial institutions and offers a direct, secure and uncomplicated connection to Standard Chartered Bank, for all banking needs using the full suite of electronic delivery channels available in today’s business.

In addition, our clients are able to access a suite of solutions, including trade products, short and long-term loans, and forex trading.

We also offer investment products to SMEs which enable them have their idle money work for them with a higher return on investment. This enables them to diversify and maximise their income streams and manage risk in the long run.

Furthermore, we also offer customised bancassurance products that enable businesses hedge their risks to the individuals, directors, shareholders, employees and company assets.

We pride ourselves in being a responsible lender, responding to the unique needs of our clients in a timely manner.

We are thrilled to unveil this Fuuka Muloodi campaign that will enable businesses navigate the various financial challenges they are experiencing.

For more details about this campaign, please reach us on +256200524100 / +256313294100, speak to your Relationship Managers, or email us on BusinessBanking.Uganda@sc.com.

The author is Head, Business Banking – Standard Chartered Bank Uganda