Dr. Aisha Ruth Biyinzika Kasolo the coordinator of the Growth Opportunities and productivity for Women Enterprises (GROW) project has said the initiative is aimed at supporting women entrepreneurs by offering low-interest loans without the need for collateral.
Speaking to the media, Dr. Kasolo noted that many women struggle to access loans due to lack of collateral, often facing interest rates as high as 50%.
She said the project will save the situation.
"Women entrepreneurs registered with the Uganda Registration Service Bureau (URSB) can access loans between Shs2 million and Shs200 million, with repayment periods of up to 24 months and interest rates of 10% to 10.5%," Dr.Kasolo said.
She said the facility partners with six banks including DFCU, Centenary, Post Bank, Equity, Stanbic, and Finance Trust Bank.
"Any bank charging above the stated interest rates will be removed from the program," she said.
While men raised concerns about being excluded, Dr. Kasolo clarified that they are indirect beneficiaries, particularly those who hold minority shares (less than 51%) in women-owned businesses.