KAMPALA
The Minister of Gender, Labour and Social Development, Hon. Betty Amongi has confirmed to the public especially women that the funds that government of Uganda put aside to help women in business to develop, is still available and women should not hesitate to apply for it.
During a media briefing held today at Uganda Media Centre, the minister said that part of the Generating Growth Opportunities and Productivity of women Enterprises (GROW) project resources totaling US dollars 70 million (UGx 260 Billion) is designated to support the GROW Financing Facility (GFF), a combination of the GROW Loan and a GROW bonus grant to women entrepreneurs who are seeking to grow and expand their business from micro to small level and from small to medium level under two sub-components of the project.
It should be remembered that the project is financed with a US dollars 217 million grant from the International Development Association of World Bank and became effective on 20th January 2023 after fulfilling the effectiveness conditions and is expected to close on 31st December 2027.
The Development objectives increase access to entrepreneurial services that enable female entrepreneurs to grow their enterprises in targeted locations, including in host and refugee districts. This project was launched on 8th March 2023 by the president of Uganda, H.E. Yoweri Museveni at Sanga, in Kiruhura district.
According to the minister, this money is not for women without working Capital. “This project is targeting women who are making a transition from existing government programs, notably the Parish Development Model (PDM) and EMYOOGA, that are ready to seek and manage loans for their businesses.” She said. Adding that The GROW loans and associated grants are intended to address key constraints of access to capital and enable women entrepreneurs across the country to access affordable finance to expand their businesses.
The executive director of Private Sectors Foundation Uganda (PSFU), Ms Ruth Kasolo Biyinzika said in over 140 districts in Uganda, the project has been implemented and in each districts, the beneficiaries have started receiving their money. “I can confirm that women are supposed to get their money from one of the five banks. The country, have got it and we encourage women to continue applying for these loans.” She said .
Hon. Betty Amongi also told the media that so far, out of the UGX 25 billion, that was given to five Banks to give to the beneficiaries, UGX 12 billion from two banks are already being used and for this case, they’re going to add more to these banks as per the agreement.
The loans range from UGX 4 million to UGX 200 million and any woman entrepreneur , including women leaders with an eligible business, are eligible to borrow the GROW loans. However, the project is partnering with only commercial banks such as Centenary Bank, Equity Bank, Opportunity Bank among others that have in their portfolio specialized products for women entrepreneurs including requiring limited collateral, which is intended to ensure that GROW loans can be accessed by as many women entrepreneurs as possible. The interest does not exceed 10.5% per annum for a period of up to 24 months.
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