The Vice President of the Republic of Uganda, Rt. Major Jessica Alupo, has advised that women entrepreneurs set to benefit from the GROW loan project have a clear business plan before they apply for loans.
VP Alupo said this while presiding over the launch of the GROW loan project held on Wednesday, August 28, 2024, at Hotel Africana.
“I implore you to plan your business wisely before taking the loan. Identify how much funding will be used, whether it’s for expansion, acquiring new equipment, or improving product quality. The loan should have a purpose and contribute directly to your business growth,” Alupo said.
She added that entrepreneurs should invest in what brings returns and prioritize investments that will yield measurable returns, such as purchasing machinery to boost production capacity and drive more sales through smart use of loans.
The Vice President appealed to the political leaders to mobilize women in their areas of jurisdiction to utilize the loans to ensure socio-economic transformation in the country.
“To the political leaders, honorable ministers, Members of Parliament, and local government leaders, your role in the success of this project cannot be overemphasized. I would like to ask you to actively disseminate, correct, and accurate information about this opportunity. Let us ensure that eligible women entrepreneurs are aware of and can access these funds easily,” Alupo said.
Betty Amongi, the Minister of Gender Labour and Social Development, appealed to the loan officers from different financial institutions to help the women apply for loans comfortably.
“Your participation in this initiative is crucial for the success of this program. I call upon financial institutions to support the women entrepreneurs and ensure the loans are given to the intended beneficiaries expeditiously,” Amongi said.
“I call upon you to collaborate with women platforms and other community groups to ensure trust-based lending mechanisms, streamline the loan application procedures, and provide assistance such as local language support to help rural women navigate the process,” she added.
According to Amongi, Grow loans are being administered by different banks, such as Post Bank, Finance Trust Bank, Equity Bank, DFCU Bank, Stanbic Bank, and Centenary Bank, among others.
“Women entrepreneurs are urged to approach these banks and apply for the loans. The funds have already been transferred to the banks, and the public will be informed when additional financial institutions are selected in due course,” she said.
The GROW project’s objective is to increase access to entrepreneurial services that enable female entrepreneurs to grow their businesses in targeted locations, including refugee host districts.
