Most conversations about finance begin with the question “Where can we get the money?” A better first question is “Are we ready for it?” Banks, investors and funding partners in Uganda receive many requests. The ones that move forward quickly are rarely those with the most ambitious plans. They are the ones where the numbers are clear, the documents are in order and the people asking can explain exactly what the money is for and how it will be repaid or rewarded.

Whether you are approaching a commercial bank, a microfinance institution, a development finance programme, an investor or a grant maker, the preparation is broadly the same. These are the steps we recommend before you submit anything.

1. Be clear about what the money is for

Start with the purpose, not the amount. Are you buying equipment, financing stock for a confirmed order, bridging the gap between delivering a contract and being paid, or funding expansion into a new location? Each of these needs a different kind of finance, and each will be judged differently.

Write a short paragraph that states the need, what it will achieve and over what period. If you cannot explain it simply, a funder will struggle to understand it too. Being specific also protects you from borrowing more than you need, or taking the wrong type of money for the job.

2. Get your records in order

Funders make decisions on evidence. Requirements vary, but you should expect to be asked for some or all of the following:

  • your certificate of incorporation or business registration and related company documents from the Uganda Registration Services Bureau (URSB);
  • your Taxpayer Identification Number and evidence that your tax affairs with the Uganda Revenue Authority (URA) are up to date;
  • financial statements for recent years, audited where your size or the funder requires it;
  • recent bank statements for the business accounts, and management accounts for the current year;
  • key contracts, purchase orders, leases or licences that relate to the request.

If personal and business money pass through the same account, start separating them now. Mixed accounts are one of the most common reasons applications stall, because they make it hard for anyone to see how the business itself is performing. If you receive payments by mobile money, make sure those transactions are recorded and reconciled with your books as well.

3. Know your numbers, and be honest about them

You do not need a complex financial model, but you do need a credible one. Prepare a simple forecast of sales, costs and cash flow, month by month, for at least the first year. Base it on what has actually happened in the business, and explain every assumption that changes.

Pay particular attention to cash flow. Many profitable businesses run into difficulty because customers pay late while suppliers, staff and tax obligations must be paid on time. A funder will want to see that you understand your working capital cycle and that repayments still fit within it in a slower month.

Be open about weaknesses. A dip in sales, the loss of a customer or a period of losses is not automatically a reason for rejection. Unexplained surprises discovered later usually are.

4. Choose the right type of finance

Loans, equity, asset finance, order or invoice financing and grants all come with different costs, obligations and expectations:

  • Loans must be repaid with interest whatever happens to the business, and usually require security or guarantees.
  • Equity investors take a share of ownership and future profits, and will expect a voice in how the business is run.
  • Asset finance and leasing link the funding to a specific item, such as a vehicle or a piece of equipment.
  • Grants and programme funding often have strict eligibility rules and detailed reporting requirements.

Compare the full cost, not just the headline rate: fees, insurance, security, penalties for late payment and the staff time needed to meet reporting obligations.

5. Strengthen governance and compliance

Funders are backing people as much as businesses. Simple governance signals make a real difference: a clear ownership structure, written agreements between partners or shareholders, minutes of major decisions, and basic financial controls such as approval limits and regular bank reconciliations.

Make sure statutory obligations, such as tax filings and NSSF contributions for employees, are current. These are frequently checked, and arrears can delay or block an application.

6. Prepare a clear, complete application

Package everything so that it is easy to review: a short summary, the business plan or proposal, the forecast with its assumptions, and clearly labelled supporting documents. Answer the questions the funder actually asks, in the format they request. Keep copies of everything you send and a note of who you have spoken to and when.

Expect follow-up questions and respond promptly. Speed and accuracy at this stage are themselves evidence of how well the business is run.

7. Plan for life after the money arrives

Securing finance is the beginning of a relationship, not the end of a process. Agree internally who will track spending against the plan, prepare reports and monitor repayments or milestones. Funders who receive accurate reports on time are far more likely to support you again.

How Hazina can help

Our finance team works with businesses and institutions across Uganda to prepare for exactly these conversations: organising records, building realistic forecasts, comparing financing options and putting together clear, well-evidenced proposals. If you are planning to raise finance in the coming months, contact us for an initial conversation.

This article is general guidance only. It is not financial, legal or investment advice, and requirements differ between lenders and funders.