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THE CHATTELS SECURITIES BILL PASSED BY PARLIAMENT

On 3rd December 2013 Parliament passed into law the Chattels Securities Bill that is awaiting assent from the President. The intention of the Law is to regulate the making and enforcement security interest in chattels. A well-functioning chattels securities system enhances lending to businesses and individuals by Banks using any movable property that can be completely transferrable by delivery say machinery or goods as collateral.

Basing on the fact that in Uganda over 80% of all businesses are SME’s these services will aid in investment, exporting and importing. Such an initiative will see business and individuals grow and thus boost economic growth in the Country. However very many people are unaware of such services which creates a need for sensitization and awareness to the masses.

Coronet Group Ltd in partnership with several Banks in Uganda already offers such services to individuals, farmers and businesses to enable them run there ventures by accessing credit from the banking institutions using chattels as security/collateral.

17-02-14 | 0 comments | in News

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