Uganda: Canada Firm to Give SMEs Loans

SMALL and Medium Enterprises (SMEs) are to receive start-up loans worth euros 5,000 (sh12.8m) each from MyC4, a Canadian-based firm.

The loans are aimed at eradicating poverty in order to support the United Nations’ Millennium Development Goals by 2015.

MyC4 company, whose roots are in Denmark, was founded in 2006 by investors to create and support new enterprises and commercial innovations in sub-Saharan Africa.

Abdul Buwembo Kasule, the Uganda Small Scale Industries Association’s secretariat manager, said the company focuses on investing in businesses with prospects for growth.

“Our members lack capital to meet the high demand in order to sustain the local market. They end up losing customers or revoking business contracts.”

“We need investors to develop their businesses by providing them with funds, advice, technical knowledge or inspiration.”

“Accessing the loan requires us to send a list of our members’ profiles through our website, www.ussiauganda.tripod.com, from which MyC4 will select the enterprise to give the loan.”

Kasule said they expect the funds for the selected businesses in Febuary after signing the memorandum of understanding.

He said the members had identified Commercial Micro Finance (CMF) Bank as convenient for them to access their funds.

Goretti Massade, the CMF spokesperson, said in e-mail recently: “I am not yet aware of that. We cannot comment on a specific customer by law. If an official statement is to be made, you will be the first to know.”

According to the www.MyC4.com website, MyC4 as a company will, when profitable, invest 50% of earnings after Tax every year in Opportunities that specifically support the goals that are furthest from reach in Africa. Transparency and accountability make business relationships personal and meaningful for both parties.

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