VP Alupo launches Shs300bn GROW Project fund to empower women entrepreneurs

Minister of Gender, Labour, and Social Development Betty Amongi highlighted the significance of the initiative, noting that 44% of women in Uganda are engaged in business.

The Generating Growth Opportunities and Productivity for Women Enterprises (GROW) project has launched a significant loan initiative aimed at empowering women entrepreneurs across Uganda.

Funded by the World Bank and implemented by the Private Sector Foundation Uganda (PSFU), the project aims to help women grow their businesses from micro to small and medium-sized enterprises (SMEs).

The loans will target 60,000 women-owned businesses, including 3,000 owned by refugees.

The launch event, held at Hotel Africana on Wednesday, drew over a thousand attendees, including representatives from various government departments and agencies.

Vice President Jessica Alupo officially launched the project, expressing gratitude on behalf of the Ugandan government.

"We sincerely appreciate the World Bank for their partnership and ongoing support," Alupo said.

"The GROW grant is a testament to our shared commitment to uplifting women entrepreneurs and promoting inclusive growth. We look forward to continued collaboration as we work towards Uganda’s socioeconomic transformation and achieving upper-middle-income status by 2040."

Alupo also provided advice to women entrepreneurs on maximizing this opportunity, emphasizing the importance of proper planning, investing in profitable ventures, managing cash flows, and utilizing business development support.

"Before taking a loan, have a clear business plan," she advised. "Identify how the funds will be used—whether for expansion, acquiring new equipment, or improving product quality. Every shilling borrowed should have a purpose and directly contribute to business growth."

Minister of Gender, Labour, and Social Development Betty Amongi highlighted the significance of the initiative, noting that 44% of women in Uganda are engaged in business.

She added: "This loan specifically targets women in micro, small, and medium-sized enterprises. If you are a woman in business, this loan is here to help elevate your business to the next level."

Women entrepreneurs can access loans from five selected commercial banks: DFCU, Equity, Finance Trust Bank, Centenary Bank, and Post Bank, each of which has received UGX 22.5 billion to lend to women entrepreneurs.

The banks have expressed strong commitment to supporting the growth of women in business.

Kate Kizza, Executive Director and Chief Finance Officer at DFCU Bank, stated, "We have been at the forefront of supporting women as an integral part of our 60-year journey, and this loan aligns with our commitment."

To qualify for the loan, women must own at least 51% of their enterprise. Loan amounts range from Shs4 million to Shs200 million, repayable within two years at competitive interest rates of 10.5% and 10%, depending on the bank’s terms.

Additionally, beneficiaries who repay their loans on time will receive a grant of up to 5% of the loan principal.

The GROW project, launched in 2023 and officially inaugurated by President Yoweri Museveni, received a USD 217 million grant from the World Bank for its five-year duration.