Matsiko, said, interested clients can approach Cymbell Advocates where they will be required to fill in the application form with details of the transaction to be financed, and the facility required.

However, the facility requested has to be above USD 100,000,вЂќ he added. Rexton Capital has come up with a set of parameters on which they can gauge the credibility, and the creditworthiness of a borrower. вЂњThe key feature in these products is the fact that they are non-collateralized, and therefore one does not require any security in order to apply and obtain the same. Rexton capital can finance large ventures, and Cymbell Advocates will help fast track the process of financing by offering timely advice and due diligence for the facilitiesвЂќ. In an interview with CEO East Africa Magazine, he says, вЂњAccess to affordable capital with minimal bottlenecks remains a challenge for entrepreneurs to scale their enterprise. Conrad Nkutu appointed to Bank of Africa TanzaniaвЂ™s board.

Matsiko Godwin Muhwezi, the Managing Partner of Cymbell Advocates, says this is a unique opportunity to bridge the funding gap for many entrepreneurs. The facilities on offer in Uganda will include Letters of Credit, Bank Guarantees, Bid/Tender Bonds, Comfort Letters, and Proof of Funds, among others. Since 1998, Rexton Capital has built expertise in complex trade transactions in various jurisdictions on all continents. The group has also established other associated businesses to offer relevant support services to its clients relating to fraud, forensics and due diligence investigations, and business consulting. COURTESY PHOTOД¬ymbell Advocates is a full-service law firm, part of the wider Cymbell Group, a network of law firms in the East African Community region currently comprised of CM Advocates LLP in Nairobi and Mombasa, Cymbell Attorneys in Dar es salaam, and CM Advocates in Kigali. Matsiko Godwin Muhwezi, the Managing Partner of Cymbell Advocates, says this is a unique opportunity to bridge the funding gap for many a Ugandan entrepreneurs who are either excluded by the financial system or find the current options in the financial markets uncompetitive. However, in what could be a first of its kind, London based Rexton Capital Limited has partnered with a local firm, Cymbell Advocates, to act as its local representative, to offer uncollateralized or unsecured trade finance facilities in Uganda. Majority have to resort to unscrupulous money lending transactions to finance trade in cases where their status is not appealing to financial institutions. As a result, the number of traders, both individual and corporate, who qualify as вЂњbankableвЂќ and safe to lend to, is very limited. Most financial institutions insist on taking mortgage facilities, coupled with a charge over the entire assets and undertakings of a borrower. In many cases, financial institutions require a suite of documents, information and security before advancing facilities for trade purposes.

For many African countries, Uganda inclusive, the cost of finance is prohibitive, and the options are limited. Unfortunately, such trade is hampered by various factors, key among which is Access to affordable finance or facilities.

International trade has been recognized as AfricaвЂ™s answer to overcome the disadvantages of the continentвЂ™s relatively small economies.

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