ESFI is a not-for-profit financing initiative developed by EYIT to provide small, socially responsible micro-loans and entrepreneurial skills to low-income youth and women entrepreneurs for income-generating purposes. ESFI targets low-income youth and women, especially those running enterprises in the following categories: Small-scale retail shops, small-scale farming, saloons and tailoring, small-scale producers/manufacturers, produce dealers, market vendors, restaurant owners, bakeries, fashion, and design, value addition and ICT.
Vision
A financially inclusive community of women entrepreneurs.
Our purpose
To financially empower women entrepreneurs.
Our Mission
To boost the financial inclusion of low-income women entrepreneurs by enabling them to access low-interest microloans.
Our core values
The core values that define the ESFI’s culture and guide its decisions and interactions with stakeholders include;
Professionalism, Integrity, and Teamwork
Background
Uganda is recognized as the most entrepreneurial country in the world. However, it is challenged by a high failure rate of business startups (75% fail within 2 to 3 years of establishment).
The National Small Business Survey Report 2015 by Financial Sector Deepening Uganda indicates that 74% of small businesses have limitations accessing finances. Today, banks and other microfinance institutions hesitate to support enterprises owned by young people and women. These institutions require fixed collateral securities such as land and charge high interest rates.
To boost financial inclusion and access to financial services in Uganda, saving and loan schemes, investment clubs, Saccos, and microfinance institutions have emerged as reliable financing models for the youth and women. As a result, ESFI was established to;
- Mobilize youth and women entrepreneurs to pull resources together through savings and the purchase of shares.
- Advance microloans to youth and women groups to start or grow income-generating ventures for productive purposes.
Target customers/market
ESFI targets youth and women, especially those running enterprises in the following categories;
Small-scale retail shops, small-scale farmers, saloons, tailors, welders, carpenters, garages, Bodaboda, small-scale producers/manufacturers, produce dealers, market vendors, restaurant owners, and innovators.
CRITERIA FOR BECOMING AN ESFI MEMBER
- Must have 10,000 for membership
- Photocopy of National ID
- Must have one passport photo
- Filling account opening form
- Must be 18 years of age and of a sound mind
CRITERIA FOR LOAN APPLICATION.
- Must be an ESFI member
- Must have 10% shares of the amount applied for and @ share at 5,000
- Must have 2 guarantors and they should be ESFI members
- Must have a valid National ID
- Must be 18 years of age and above and of a sound mind
- Must have a pass port sized photo
- Must have photocopies of guarantors National IDs
- Must have 10,000 for stationery
- Must have a good credit history in case of a previous loan uptake with ESFI if any
- Must have a verifiable source of income
- Must have an adequacy of collateral
Traction/Progress
| Number Of Women Groups | 20 Groups |
| Number Of Women Served | 60 Women |
| Amount Of Loans Given To Members (Loan portfolio) | 100M+ |
| Loan Payment Success Rate | 99% |
| Number Of Youths | 86 Youth |
| Number Of Business Improved | 85+ |
Impact of ESFI
ESFI contributes to the realization of 3 SDGs as shown below;
No Poverty
ESFI is committed to providing socially responsible financial services, such as loans, targeted at predominantly low-income youth, women, and small business owners. ESFI is driven by the desire to boost financial inclusion, increase the number of youth and women low-income micro-entrepreneurs with little or no access to formalized credit resources, increase self-employment opportunities, and alleviate poverty.
Gender equality
Women have good loan repayment behavior and money management skills. ESFI is convinced that targeting primarily women through loans enhances these women’s financial independence and decision-making stature at home and in their communities. Additionally, ESFI is committed to providing gender-neutral opportunities for employment and promotion.
Decent work and economic growth
ESFI provides socially responsible financial services to members, which are used to expand their businesses hence boosting economic growth.
What makes ESFI different?
Socially responsible services
The ESFI operation model emphasizes community social responsibility commitment to members as follows;
- Offering loans with flexible interest rates
- Group loans without joint liability
- Loans for income-generating activity only
Staying close to members
ESFI staff fosters close member relationships, allowing for the quick identification of repayment or other issues and the disbursement of new loans to qualified members. The member selection and assessment process is carefully done, ensuring only members committed to and able to grow their businesses are accepted.
Efficiency in operation
The operations are highly standardized through an operations manual and policies. In addition, loan repayment is done via mobile money without requiring members to travel regularly to pay back their loans.
To request a loan, fill out the form below:
Or contact us at;
Head office: Plot 24 High Street, former standard chartered bank building Mbarara-Uganda.
Tel (office); 0393252650/0759283134, email:rtushabe10@gmail.com