The Minister of State for Finance in Charge of Investment and Privatization, Evelyne Anite, has encouraged business operators in the country to take advantage of the government’s Shs200 billion allocated to support recovery from the COVID-19 pandemic.
Anite said the money is currently ready to be put into some commercial banks, including Post Bank Uganda, Equity, DFCU, and Opportunity Banks.
According to Minister Anite, the fund can be borrowed at a 10% interest rate for a two-year grace period.
“Was your business registered before COVID-19? Did it suffer from the effects of the pandemic? Go now and access the $200 billion small business COVID-19 recovery fund (CRF) at a 10% interest rate,” Minister Anite said in a pre-recorded video shared on her x-platform on Friday, May 17, 2024.
She said any trader intending to access a loan not exceeding Shs200 million will not be asked for any collateral by the bank.
Minister Anite said a trader is only required to present a well-audited book of accounts for the business in order to benefit from the scheme.
“As part of the eligibility criteria, the fund covers all small businesses operated by individuals, groups, partnerships, and companies, employing 5–49 people, and with an annual turnover of UGX 10 million to UGX 100 million,” Minister Anite added.
The fund was announced in 2021 by the government to support the recovery of COVID-affected businesses in the country.
