Olivia Mugaba, the Head of SMEs at Equity Bank Uganda has urged women entrepreneurs to look beyond access to loans and instead focus on building strong, sustainable foundations for their businesses.
In a message released during Women’s Month, Mugaba said while capital remains important, it is often misunderstood as the primary solution to business challenges.
“Many people assume that access to loans is the main challenge women face in business. While capital is crucial, it is not enough on its own. Money without a solid foundation often disappears quickly, leaving the business struggling,” she said.
She emphasized that clarity of purpose and preparation are critical before seeking financing, noting that many aspiring entrepreneurs rush into ventures without understanding the demands involved.
“Before seeking capital, women need clarity on what they want to achieve. It is common to see someone else’s business and feel inspired to replicate it without understanding the skills and risks involved,” Mugaba explained. “Jumping in without preparation often leads to failure, no matter how much money is available.”
Mugaba highlighted the importance of acquiring the right skills through training, mentorship and practical exposure, saying these equip women with the ability to navigate real business challenges.
She also pointed to financial discipline as a key pillar of sustainability, warning against mixing personal and business finances.
“Using business capital for personal needs; paying for school fees or household expenses can quickly drain resources,” she said. “Separating personal finances from business funds, keeping proper records, and maintaining books is vital for longevity.”
The Equity Bank executive further underscored the role of technology in modern entrepreneurship, noting that digital tools can help improve efficiency and expand market access.
“Adopting digital platforms helps women track financials, manage expenses and even access broader markets online. Technology not only improves efficiency but also opens doors to new customers,” she noted.
She added that collaboration through networks and peer groups strengthens resilience among women in business.
“Women entrepreneurs thrive when they collaborate with like-minded peers. Joining a network or group creates opportunities for learning, mentorship, and shared problem-solving,” Mugaba said.
On financing, she cautioned against quick, high-interest loans, urging women to work with institutions that offer sustainable and supportive financial solutions.
“Partnering with institutions that provide fair, long-term financial solutions, training, and market access ensures that capital is used effectively,” she advised.
Mugaba called on women to embrace knowledge, discipline and strategic partnerships as they start or expand businesses, stressing that empowerment goes beyond individual success.
“When women are empowered to build sustainable businesses, they contribute not only to their families but also to the growth of communities and the nation,” she said.
She concluded with a reminder that long-term success depends on preparation and support systems rather than funding alone.
She noted,“Capital is important, but preparation, skills and support are what transform resources into lasting success.”
