The Minister of Gender, Betty Amongi, has revealed that the government has agreed to reduce the Growth Opportunities and Productivity for Women Enterprises (GROW) interest rates from 10.5% to a fixed 10%.

Minister Amongi, while appearing before the parliamentary committee on Friday, November 8, 2024, noted that the reduction of the interest rate follows numerous complaints raised by women entrepreneurs over the high interest rates and the government’s policy of empowering women in business.

‘‘Government has approved to revise the GROW loan interest rate by lowering it to 10% interest rate; this will enable stakeholders, especially business women, to access the money at a fairer interest rate, thus increasing productivity and profit margin for women in business,” Among said.

Read Also: Speaker Directs Minister Amongi to Give Comprehensive Report on GROW Project Benefits

Women entrepreneurs also noted that previously many women faced challenges accessing GROW loans due to high interest rates, but now they are optimistic to achieve a lot through the GROW loan scheme.

The participating commercial banks include Centenary, Post Bank, Finance Trust Bank, DFCU Bank, and Equity Bank, according to Amongi.

The GROW loan project is a five-year program set to end in December 2027. The Generating Growth Opportunities and Productivity for Women Enterprises (GROW) Project is a Government of Uganda Project, funded by the World Bank, implemented by the Ministry of Gender, Labour, and Social Development and the Private Sector Foundation Uganda in all districts, municipalities, and cities.

The GROW loan project aims at increasing loan access to entrepreneurial services that enable female entrepreneurs to grow their enterprises from micro to small and small to medium in targeted locations, including the host and refugee districts of Uganda.