It is exactly one year ever since the Generating Growth Opportunities and Productivity for Women Entrepreneurs (GROW) project’s loan facility was launched.
The initiative was launched by the Vice President of Uganda, Jessica Alupo. On Friday, officials from the Ministry of Gender, Labour and Social Development, Private Sector foundation met with over 500 women who accessed the grow loans in greater Kampala.
The aim of the meeting was to address loan beneficiaries and tracking the process and progress of how they are using the loans. The state Minister for Gender, Labour and Social Development Hon Betty Amongi said that women in Uganda are leading in entrepreneurship and the government will continue supporting them under the GROW project until they formalize their businesses.
The GROW loan is given through six banks that include Centenary Bank, Finance Trust Bank, DFCU Bank, Stanbic Bank, Equity Bank and Post Bank and these are given to strictly women owned enterprises.
Hon Among also said that in the beginning, many doubted that we couldn’t fulfill the initiative of giving out loans to the women entrepreneurs around the country but one year later, it has become a success and the government is still coming up with other women empowerment projects under grow.
She congratulated the women upon acquiring the financing and cautioned them to repay their loans on time such that other women can benefit from the same fund.
Monica, a farmer based in Mbarara applied for the loan at DFCU Bank, meeting all requirements, including collateral, proof of business, and bank statements and secured UGX 200,000,000 which she used to order 20 exotic dairy cows from Kenya, including Gorand, Friesian, and Jersey breeds, each costing UGX8,000,000.
Monica is a farmer operating a 16-acre farm in Mbarara City with eight Friesian cows, 400 poultry, an orchard, banana plantation, fishponds, piggery, rabbit farming, a winery, fruit processing, and feed cultivation.
By utilizing animal waste for bio-slurry and biogas, Monica enhances productivity while earning UGX23,000,000 monthly. She says she got to learn about the GROW loan project on UBC and TV West.
