Leaders in the Teso sub-region have rallied women entrepreneurs to embrace the GROW (Generating Growth Opportunities and Productivity for Women Enterprises) Fund, describing it as a transformative programme for women in business.
This was during the regional launch of the GROW financing facility at Soroti Sports Ground, where hundreds of women gathered to access information on affordable loans and business support services through Pride Bank Limited.
Speaking at the event, GROW Project Coordinator Ruth Aisha Kasolo Biyinzika said government partnered with Pride Bank to bridge financing gaps faced by grassroots women who lack collateral to access mainstream banking services.
“Many women were left out because they could not meet the requirements of bigger banks. Pride understands group lending and the realities of local women entrepreneurs,” she said.
Biyinzika disclosed that Pride Bank had already processed over 70 loans for women entrepreneurs in Soroti within a few months, with expectations that the number would triple before the end of May.
She said government has now allocated GROW funds per region to ensure equitable access.
“We have already given this region six billion shillings. If the money is not utilized within six months, it will be reallocated elsewhere,” she warned.
She added that the programme goes beyond credit provision to include training, apprenticeship placements, business registration, certification and mentorship.
“GROW is not only about borrowing money. Women can receive free training in modern salon skills, catering, cake making, digital marketing and other enterprises,” she said.
Soroti City East MP Moses Attan Okia praised the low-interest financing model, noting that it offers relief to women previously dependent on money lenders.
“At 10 percent annual interest, a woman borrowing two million shillings pays only about 17,000 shillings monthly in interest. Compare that to money lenders charging 200,000 shillings every month,” he said.
He added that digital adoption is key for women traders to remain competitive in modern markets.
“There are people now buying shoes and phones after seeing them on TikTok or Jumia. Women must also position their businesses digitally,” he said.
Resident District Commissioners and Resident City Commissioners from Teso pledged to monitor implementation of the fund to ensure transparency and equal access.
Some leaders criticised earlier phases of the GROW project, alleging that elite beneficiaries had previously accessed funds at the expense of grassroots women.
Soroti City Community Development Officer representative Damali Asekenye commended Pride Bank for simplifying loan requirements, saying it had restored hope among local women entrepreneurs.
Government officials said the GROW project, funded by the Government of Uganda with support from the World Bank, is designed to help women-owned businesses transition from micro to medium enterprises through financial and entrepreneurial support.
The launch attracted women groups, political leaders, technical officers and beneficiaries from across the Teso sub-region.