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The Government is emphasising attractive incentives to encourage women entrepreneurs to benefit from the Generating Growth Opportunities and Productivity for Women Enterprises (GROW) Project.
According to Dr Ruth Kasolo, the National Coordinator of the project, women who repay their loans on time stand to earn bonuses ranging from 5 to 10 per cent, depending on their region.
There are also special incentives for women from refugee communities, persons with disabilities (PWDs), and minority groups such as those from Karamoja, Batwa, and Tipeth communities.
Loan Conditions and Eligibility
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Dr Kasolo outlined key conditions imposed by the World Bank on the six banks selected to distribute the project loans.
The loans are intended for women who already have established businesses and are not benefiting from the Presidential Directives on Microfinance (PDM), but who are ready to expand their enterprises into small or medium-sized ventures.
All loans must be repaid within two years and carry a maximum interest rate of 10 percent. Importantly, there are no processing fees charged on these loans.
Eligible borrowers must be individual women entrepreneurs or businesses with at least 51 percent female ownership. Furthermore, businesses must comply with the Environmental, Social, and Governance (ESG) safeguards stipulated by the World Bank.
Supporting Growth and Inclusion
Launched to empower over 60,000 women-owned businesses—including 3,000 refugee-led enterprises—the GROW Project aims to increase women’s access to finance, gender-inclusive infrastructure, business training, and community mobilisation.
Strategic partnerships with commercial banks such as Centenary, PostBank, Finance Trust Bank, Dfcu, and Equity Bank have enabled agreements worth UGX 98.55 billion, with UGX 26.052 billion advanced to financial institutions as of August 2024.
The project also collaborates with women-led NGOs to challenge social norms limiting women’s business participation and supports over 500 mapped women entrepreneur platforms serving as local hubs for mentoring and mobilisation.