Finance & BankingNorthern

Equity Bank readies loans for small enterprises in Acholi

GULU – Equity Bank Uganda has committed to supporting small-scale enterprises in Acholi Sub-region so that they can sustain their operations.

At least 1,000 market vendors in Gulu City and its neighboring districts of Gulu, Omoro, Nwoya, and Amuru were recently trained in good business management practices.

Equity Bank relationship officer Gulu Branch, John Kakaire told theCooperator in a recent interview that they have allocated Shs 75 million to support different small-scale enterprises in Acholi Sub-region.

The money comes with an annual interest of 7.5 percent for the youth while women will pay 14 percent interest annually.

“We think that this financial support can help our people with small business enterprises to come together and grow their businesses and we shall continue with those that will come for support,” Kakaire said.

Margret Lalam, a fishmonger at Cuk Wii-Got in Bardege-Layibi Division commended Equity Bank for the financial initiative to support their small-scale businesses.

She noted her business has been struggling for the past months and hoped that the loan she will receive from the bank will boost her business.

Meanwhile, the secretary for defence Kanyagoga Cell in Gulu West Division, Justine Odong urged the government to regulate the mushrooming microfinance institutions in the region. He explained that the increase in the number of money lenders and micro-financial institutions has made traders to get multiple loans which he said affects the smooth running of their businesses.

On his part, Gulu City mayor Alfred Okwonga asked traders in his area to diversify their businesses to avoid losses and shocks that could arise from uncertainties.

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