KAMPALA — Equity bank has launched a credit product dubbed Eazzy Stock Financing, a digital credit product that seeks to empower businesses.
The product launched on Thursday in Kampala will provide business with the opportunity to unlock the value of their goods and access much-needed capital for growth and expansion, according to officials.
Equity Bank Managing Director Anthony Kituuka said the product targets agents, distributors, stockists or retailers who are onward sellers of products or services of an Anchor or Manufacturer.
He said the product allows these categories to access funds for working capital conveniently as and when required.
“At Equity, we are committed to providing innovative financial solutions that empower businesses and drive economic growth. With the introduction of Eazzy Stock financing, we are offering our customers a powerful tool to unlock the potential of their inventory and achieve their business objectives. This product aligns with our mission to support the entrepreneurial spirit, expand economic opportunities and contribute to the success of businesses across the country and beyond.”
Stock financing, also known as inventory financing, enables businesses to borrow working capital against their existing stock, thereby offering convenient and flexible financing options. This new product is tailored to cater to the specific needs of entrepreneurs, small and medium-sized enterprises (SMEs), and larger manufacturers across various sectors.
Kituuka said that Equity developed Eazzy Stock financing towards the end of the Covid-19 pandemic, to support business recovery better. He explained that with Equity’s Eazzy Stock financing, businesses can leverage their inventory as collateral to secure loans, eliminating the need for traditional collateral or personal guarantees.
“This innovative approach ensures that businesses can tap into their working capital while minimizing their financial risks,” said Kituuka.
Through the new lending service, the bank seeks to address the challenges faced by businesses such as cash flow management, seasonal demands and inventory optimization.
By providing quick and efficient access to funds, Eazzy Stock financing empowers businesses to navigate operational expenses, invest in growth initiatives and capitalize on emerging market opportunities.
Equity’s Eazzy Stock financing offers a range of benefits to its customers, including:
Increased cash flow: By unlocking the value of their goods and services, businesses can receive immediate funds to fuel their day-to-day operations or invest in new projects.
Flexible repayment options: Tailored repayment schedules and competitive interest rates ensure that businesses can comfortably meet their financial obligations.
Streamlined application process: Equity bank has simplified the application process allowing businesses to apply for stock financing with ease and speed. Stockists or retailers fill in a one-off loan application form and conduct the rest of the borrowing process from the comfort of their mobile phones.
The facility is accessed through USSD, *247# code.
No interest charged: The Commission charged is based on the margins earned therefore catering to entrepreneurs of the Muslim faith.
Equity bank continues to leverage its extensive network of branches, Equity duuka agents, cutting-edge technology and customer-centric approach to redefine the financial landscape.
The launch of Eazzy Stock financing marks another milestone in the bank’s journey to offer tailored solutions that cater to the evolving needs of businesses.