Six Banks to Disburse GROW Loans to Women Entrepreneurs

The Generating Growth Opportunities and Productivity for Women Enterprises (GROW) project has launched a groundbreaking loan initiative to empower women entrepreneurs across Uganda. The project, funded by the World Bank and implemented by the Private Sector Foundation Uganda (PSFU), aims to support women in transitioning from micro to small and medium-sized enterprises.

At a press conference held at the GROW offices in Trust Towers, Nakasero, Dr. Ruth Aisha Biyinzika Kasolo, Project Coordinator, announced that women entrepreneurs can now access loans from six selected commercial banks: Stanbic DFCU, Equity, Finance Trust Bank, Centenary Bank, and Post Bank. Each bank has received Shs 22.5 billion, which will be lent to women entrepreneurs.

To be eligible, women must own at least 51% of the enterprise. Loans will range from Shs 4 million to Shs 200 million, repayable within two years with competitive interest rates of 10.5% and 10%, depending on the bank’s terms. Additionally, beneficiaries who repay their loans on time will receive a grant of up to 5% of the loan principal.

The GROW project, launched in 2023 and officially inaugurated by President H.E. Yoweri Kaguta Museveni on International Women’s Day, has received a USD 217 million grant from the World Bank for its 5-year duration. The project is expected to benefit over 28,000 enterprises across the country.

The Vice President of Uganda, Jessica Alupo, will officially launch the GROW loan for women entrepreneurs at an event to be held at Hotel Africana on Wednesday, marking a significant milestone in the project’s journey to empower women entrepreneurs in Uganda.