How dfcu Bank is supporting Uganda’s SMEs

In a significant step toward transforming Uganda’s business landscape, dfcu Bank has launched a new lending campaign aimed at empowering small and medium enterprises (SMEs) across the country.

With over 60 years of heritage as a development finance institution, dfcu has been a driving force behind economic progress, providing businesses and communities with innovative financial solutions. The new campaign offers tailored financing options designed to bridge gaps in working capital, trade finance, asset financing, and business growth facilities.

In this exclusive interview, William Kayongo, Head of Enterprise Banking at dfcu Bank, discusses how the bank is empowering businesses and communities across Uganda.

Q: What inspired dfcu Bank to launch this business lending campaign, and what does it aim to achieve?

Our lending campaign stems from dfcu Bank’s mission to support the growth and success of SMEs, the backbone of Uganda’s economy. We recognize the challenges many businesses face, particularly in accessing affordable financing that meets their unique needs.

Through this campaign, we aim to bridge the financing gap by offering a range of solutions tailored to both short- and long-term business needs. Ultimately, we are committed to contributing to the prosperity of the businesses and communities we serve.

Q: What specific financial solutions does dfcu Bank offer under this campaign, and who can benefit from them?

The campaign offers a diverse range of financing options in our Enterprise and Commercial Banking segments. These options are designed to support the unique nature of your business cycle.

• Working Capital Financing through products like Baraka Loans, Business Growth Loans, Temporary Overdrafts, Commercial and Term Loans, which fuel business expansion.
• Trade Finance Solutions, providing guarantees for bids, performance, advance payments, retention, and LPO Financing to help businesses secure new contracts and manage cash flows effectively.
• Commercial Property Financing to help businesses invest in or expand real estate holdings.
• Asset Financing with favorable terms for purchasing new or used vehicles and equipment crucial for production and distribution.
• Insurance Premium Finance at discounted rates via dfcu’s Bancassurance services, ensuring businesses are adequately protected at affordable costs.

Q: How is dfcu Bank supporting SMEs through the financing process, and what incentives are being offered?

We understand that accessing finance can be a daunting process for SMEs, so we’ve streamlined our application procedures to make it as seamless as possible. We offer competitive rates and fees to ensure businesses can operate profitably and achieve a good return on investment.

We’ve also reduced turnaround times, with credit decisions within four days for new customers and two days for repeat or top-up borrowers. In addition, our asset finance solutions come with low contribution requirements, and we’ve removed arrangement fees for insurance premium financing, easing the financial burden on businesses.

Q: How does this campaign align with dfcu Bank’s heritage as a development finance institution and its broader mission?

dfcu Bank’s heritage as a development finance institution is deeply rooted in our commitment to growing businesses and supporting the communities we serve. This campaign builds on that legacy by offering financial solutions that empower entrepreneurs to achieve their business goals.

It’s not just about providing loans – we are investing in the future of Uganda’s businesses, in line with our purpose to transform lives and businesses in Uganda . Our six-decade legacy speaks to our unwavering dedication to this cause.

Q: How does dfcu Bank ensure that these financial solutions are accessible to businesses across all sectors and regions of Uganda?

Accessibility is central to our approach. We are committed to reaching businesses throughout Uganda, not just in urban areas. Our digital banking platforms, along with our extensive network of 54 branches and agents, ensure that business owners access our services with ease.

Additionally, our team of relationship managers work closely with businesses to offer personalized advice and support, helping them find the best financing solutions for their specific needs. This ensures that no matter where a business is located dfcu Bank is there to support its growth.

Q: Finally, what message do you have for entrepreneurs considering dfcu Bank as their financial partner?

dfcu Bank is here to help you realize your vision. We unlock opportunities and stand by you as a true financial partner. We understand the challenges you face, and we are committed to providing the financial tools, advice, and support you need to overcome them.