The government has selected five banks to offer loans to the Generating Growth Opportunities and Productivity for Women Enterprises (GROW) project.
The five banks – Dfcu, Equity, Finance Trust, Centenary, and Post Bank – will provide loans ranging from Shs4 million to Shs200 million to eligible women-owned businesses.
The government disbursed Shs29.1 billion to these banks where women entrepreneurs in small and medium business space will be accessing cheap loans to boost their business courtesy of World Bank’s Generating Growth opportunities and productivity of women enterprises project (GROW).
The GROW project, funded by the World Bank and implemented by the Private Sector Foundation Uganda (PSFU), aims to support women entrepreneurs in transitioning from micro to small and medium-sized enterprises.
According to Dr. Ruth Aisha Biyinzika Kasolo, Project Coordinator of the GROW project, the project will benefit over 28,000 enterprises across the country, promoting women’s economic empowerment and entrepreneurship development.
“We are committed to supporting women entrepreneurs in Uganda, and this partnership with five leading banks will provide critical funding and support to help them grow and succeed,” said Dr. Biyinzika.
The loans will be repayable within two years, with competitive interest rates of 10.5% and 10%, depending on the bank’s terms. Beneficiaries who repay their loans on time will also receive a grant of up to 5% of the loan principal.
The Vice President Jessica Alupo, is expected to officially launch the GROW loan program at an event to be held at Hotel Africana next week, marking a significant milestone in the project’s journey to empower women entrepreneurs in Uganda.
The project was launched in 2023 with the objective to increase access to entrepreneurial services that enable female entrepreneurs to grow their enterprises including in refugee host districts.
