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Dr. Ruth Aisha Biyinzika Kasolo, the Project Coordinator, shared details about the initiative during a press conference held at GROW offices in Nakasero. She emphasized that the loans will be available to women who own registered businesses, provided they hold a majority share of 51% or more in their enterprises.
"The reason the project is focused on women is that they face more challenges compared to men, particularly when it comes to accessing loans, often due to the lack of collateral," Dr. Biyinzika explained.
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Dr Ruth Aisha Biyinzika Kasolo, the Project Coordinator
She further clarified that the loans will be offered at an interest rate of 10.5% or 10%, depending on the terms set by the respective banks. The repayment period for the loans will be two years.
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Head start
To facilitate this initiative, the GROW project has already deposited Shs22.5 billion into each of the five selected banks, ensuring that the funds are ready for disbursement. Dr. Biyinzika confirmed that eligible women entrepreneurs can begin processing their loans immediately.
Launched in February last year, the GROW project is a five-year initiative aimed at supporting women entrepreneurs to scale their businesses from micro to small and from small to medium enterprises.
The project will run until December 2027 and has received substantial financial backing from the World Bank, which injected USD 217 million into the initiative. The project is being implemented by the Private Sector Foundation Uganda.