Women tipped on acquiring loans from financial institutions

Women in leadership have urged fellow women to take caution when acquiring loans targeted to boost their businesses especially from financial institutions and money lenders.

This comes at a time when cases of women failing at businesses are on the rise due to failure of grappling with loans.

The director of programmes at Graca Machel Trust, Ms Shiphra Chisha, says it is high time financial institutions consider the journey of women in businesses.

“Bring banking to the people at there comfort and language of convenience as well as collaborating together with government and financial institutions to develop business,” Chisha says

Chisha adds that there is a growing concern of women not being represented in economic development which is hindering business growth.

“We need to make sure that resources are in women’s hands, financial inclusion and economic development are crucial,” she said.

The Chief Executive at Kampala City Traders Association (KACITA), Mr Abel Mwesigye, said most women in business only focus on receiving money and do not differentiate finances.

“Start up finances are different from growing business finances but most people don’t different that so they end up in losses,” Mr Mwesigye said.

This comes at a time when the Graca Machel Trust is working hand-in-hand with over 11 countries to ensure that entrepreneurs, especially women, not only make profits but also change the world under a project dubbed, "New Faces, New Voices".