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The government, through the Ministry of Gender, Labour and Social Development, has responded to concerns raised by women regarding the process of accessing grant funds under the GROW Project.
Since the initiative was launched, many women across Uganda expressed frustration with the requirement for collateral when applying for loans from the banks designated to distribute the funds.
The banks involved include Stanbic, Post Bank, Finance Trust Bank, Centenary, DFCU, and Equity Bank.
In response, the Ministry has developed a solution to ensure that rural women, who often lack collateral, can access the financial support they need. Dr Ruth Kasolo, the GROW Project Coordinator, announced that select Savings and Credit Cooperative Societies (SACCOs) and Micro Deposit-Taking Institutions (MDIs) will now be responsible for lending the money without requiring collateral.
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Women will be able to guarantee their loans themselves, with the lowest loan amount starting at Shs 4 million.
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Focus on rural women to ensure wider access
Minister of Gender, Labour and Social Development, Betty Amongi, confirmed that the ministry’s decision to involve SACCOs and MDIs was driven by widespread complaints from women who were unable to provide the necessary collateral.
She said this change will particularly benefit women in districts outside of Kampala and Wakiso, where access to financial resources has been more challenging.
The GROW Project, a groundbreaking initiative aimed at empowering women entrepreneurs, has already garnered significant success.
It provides not only funding but also business advice and networking opportunities to help women grow profitable businesses.
Thousands of women have benefited from the initiative, and its positive impact on both individual entrepreneurs and the national economy is expected to continue to grow as more women gain access to essential financial resources, skills development, and mentorship.