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The Ugandan government has allocated Shs 231 billion to the Generating Growth Opportunities and Productivity for Women Enterprises (GROW) Project as part of its ambitious FY2025/26 budget.
This move is aimed at accelerating women entrepreneurship and addressing the growing demand for financial support among women-led businesses across the country.
The GROW Project, a key initiative under the wealth creation programmes outlined in the national budget, focuses on empowering women entrepreneurs, particularly in underserved and marginalised communities.
The project provides access to finance, training, mentorship, and business development services to help women scale their enterprises. The allocated Shs 231 billion will support the expansion of these efforts, enabling more women to tap into financial resources and grow their businesses.
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Dr. Ruth Aisha Biyinzika Kasolo, the Project Coordinator, has revealed that women entrepreneurs have faced challenges accessing loan funds from participating banks.
The funds allocated to the project by the World Bank have been insufficient to meet the soaring demand, creating bottlenecks in disbursements.
For example, Centenary Bank received Shs 6 billion for loan disbursement, but applications exceeded Shs 13 billion, highlighting the gap between available funds and the demand for credit.
Addressing Funding Gaps
In light of the increasing demand, the government is lobbying the World Bank to release additional funds to meet the needs of women entrepreneurs.
Dr. Kasolo emphasised the importance of increasing the annual disbursement from Shs 60 billion to ensure that more women-led businesses can access the credit they need for growth. The project has already demonstrated its potential, but the current funding model has not been sufficient to keep pace with the demand.
The FY2025/26 budget has allocated a total of Shs 2.43 trillion to wealth creation programmes, with Shs 1.059 trillion earmarked for the Parish Development Model (PDM), Shs 100 billion for Emyooga, and Shs 1 trillion for the Uganda Development Bank (UDB).
These funds are expected to help drive economic growth and create employment, with the GROW Project playing a key role in empowering women and contributing to the broader economic agenda. The government's commitment to funding these programmes underscores its dedication to fostering a more inclusive economy.