Equity bank tips SMEs after end of empowerment tour 

Equity Bank recently concluded its nationwide “Tupange Business Ne Equity” campaign with a final engagement in Hoima.

The program was created to support small and medium enterprises (SMEs) by giving them access to financial guidance, networking opportunities and business knowledge.

It began in Kampala, moving through Mbale, Arua, and Fort Portal before ending in Hoima, bringing together entrepreneurs, traders and community leaders to share experiences and find solutions to the challenges businesses face.

Speaking at the closing event, Olivia Mugaba, the head of SMEs at Equity Bank, emphasized the significant role SMEs play in the country’s economy.

“SMEs contribute almost half of the country’s income and create seven out of every 10 jobs,” she said.

She added that “business owners are the people who keep the world moving.”

Despite the role played by the SMEs, there is a high rate of business failure, a thing Mugaba attributes to lack of adequate financing.

“At least 50 per cent of the SMEs fail within their first three years. This is not because the businesses lack potential but because they face barriers such as lack of financing,” she noted.

According to Mugaba, financing SMEs goes far beyond providing loans. It involves strengthening every link of the value chain; from farmers and suppliers to manufacturers and retailers so that no weak point disrupts business growth.

Clare Tumwesigye, the head of Marketing and Communications at Equity Bank, reaffirmed the bank’s commitment to serve.

“No financing is too big for us. Whether you are just starting, scaling up or fully established, we have solutions tailored to walk with you at every stage of your journey.”

Reflecting on the lessons from Covid-19, Tumwesigye highlighted that Equity Bank launched the $6 billion Africa Recovery and Resilience Plan to help businesses bounce back stronger.

“This initiative was designed to empower critical sectors such as agriculture, tourism, manufacturing, and MSMEs. When SMEs recover, Africa recovers.” Tumwesigye further encouraged SMEs to adopt an ecosystem mindset.

“Every supplier, transporter, and partner is part of your value chain. If one link breaks, the whole chain is affected. That is why Equity supports the entire ecosystem; from the smallest supplier to the largest anchor to ensure no business is left behind,” she said.

The initiative also celebrated local SME leaders whose journeys show the impact of the bank’s support.