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Women entrepreneurs get Shs18b GROW loans in one month – Amongi 

Ms Betty Amongi the Minister of Labour Gender and Social Development addresses journalists about the uptake of GROW Loans at the Uganda Media Centre on October 10. Photo | Busein Samilu

By  Busein Samilu

What you need to know:

  • Launched by President Museveni in March last year, the project aims to mobilize women entrepreneurs through networking, mentorship, and training.

The Growth Opportunities and Productivity for Women Enterprises (GROW) Project has disbursed Shs18.9b in loans to 1,193 women entrepreneurs across Uganda, Minister of Gender, Labour and Social Development, Ms Betty Amongi, announced.

"The 83 per cent loans going to women in small businesses of between Shs4m and Shs20m indicate that the project is benefiting the intended beneficiaries because our main aim was to help these women grow their small businesses," Ms Amongi explained.

Launched by President Museveni in March last year, the project aims to mobilize women entrepreneurs through networking, mentorship, and training. It's implemented by the gender ministry in collaboration with the Private Sector Foundation Uganda (PSFU) and Participating Financial Institutions (PFIs) like Post Bank, Centenary Bank, and Equity Bank.

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Loan distribution:

  • 995 women (83%) received loans of Shs4m to Shs20m, totalling Shs9.03b
  • 132 women (11%) borrowed Shs20m to Shs40m, totaling Shs3.9b
  • 66 women (5.5%) borrowed Shs40m to Shs200m, totaling Shs5.987b

Most loans are targeted at priority sectors: agriculture, real estate, and trade. To incentivize repayment, women entrepreneurs who pay back loans on schedule will receive a 5% grant or loan reduction. Refugee women, those in refugee host communities, and women from ethnic minorities will receive grants of 8-10 per cent of their loan value for good performance.

Ms Ruth Biyinzika, GROW project coordinator at PSFU, advised women to utilize all collaterals to access loans. 

"Microfinance Institutions and Savings and Credit Cooperatives will be brought onboard to serve women entrepreneurs without access to traditional banking services."

By addressing these challenges, the GROW Project is paving the way for women entrepreneurs to succeed and contribute to Uganda's economic development.

As Ms Amongi emphasized, "Our main aim was to help these women grow their small businesses." 

With the GROW Project, Uganda is taking a significant step towards empowering women entrepreneurs and promoting economic growth.

The project's success will have a ripple effect, inspiring more women to pursue entrepreneurship and creating a brighter future for themselves and their communities.

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