EFC Uganda, a microfinance institution, last week launched a campaign called “Simbula Loans Ne EFC”.
The campaign aims to reinforce the institution’s commitment to contributing to Uganda’s development and economic stability through key drivers such as financial inclusion.
The country’s economic sector was strongly threatened by the Covid -19, a global pandemic. Businesses have struggled over the past year and a half and livelihoods have been constrained, hence the urgent need for financial institutions to provide supportive recovery solutions.
The company said the campaign will offer business loans, home improvement loans and loans to market women traders.
During the official launch of the campaign, Shem Kakembo, Managing Director of EFC Uganda, emphasized that EFC Uganda is delighted to provide easy access to borrowing at very affordable loan rates.
“As it is on track to become the largest and most preferred financial institution for SMEs in Uganda by 2025, one of EFC Uganda’s main areas of focus is to provide experience outstanding customer,” said Kakembo.
To be eligible for a loan under this campaign, a client or prospect must be an entrepreneur or trader, must be of legal age, must have at least six months of experience in the same business, demonstrate the ability to operate a profitable business and must have collateral such as business equipment, vehicle, house or land.
The minimum loan amount offered is Shs 5 million with a maximum repayment period of sixty (60) months.
The institution said the campaign aims to provide loans of almost Shs 13.5 billion and will run for three months in all EFC branches across the country. .