With funding (Shs850bn) from World Bank, the GoU is continuing to use the PSFU-implemented GROW project to avail low-cost loans (at just 10% interest per annum) to hundreds of female entrepreneurs to enable them sustain, grow, expand and diversify their businesses while breaking into areas that hitherto were male-dominated.
Besides giving them loans, the GoU is using the GROW project to train and skill women while inspiring them to appreciate the need to engage in documentation and keeping of records. Beneficiaries are also being made to appreciate the need to authenticate their businesses too through formalisation, certification and licensing plus embracing formal banking services.
Through the GROW project implementation, the government has also been able to contribute towards the deepening of financial inclusion among women, while at the same combating gender inequality.
The GROW project loans are being disbursed through the six Participating Financial Institutions (PFIs) that were carefully selected through a rigorously competitive process. The banks or PFIs include Post Bank, Centenary, Equity, Finance Trust and Stanbic etc.
Because they too are in business and in the long-term stand to benefit when more women succeed in business, the banks too are helping to market and popularize the GROW project as a great GoU innovation that enables the eligible borrowers to access capital that is more affordable, because of the appropriate repayment period and interest charged. The truth is that the GROW loans are more affordable and therefore less stressful than the conventional commercial banks loans.
Since its inauguration and launching by the President, GROW project has impacted and benefited thousands of female entrepreneurs who have been able to use the loan to sustain, grow, expand and diversify their business enterprises. Many have also been supported to sustainably break into hitherto male-dominated business activities.
In the following reporting, we produce the brief profiles of the female entrepreneurs who have been impacted, while at the same time showing exactly how the resultant growth and transformation have been enabled:
THE FULL LIST:
In Kampala, piggery and poultry farmer Margaret accessed her GROW loan of Shs6m with which she was able to renovate her chicken sheds and enlarge her business operations by purchasing and adding on more birds.
She got the loan through her account in Post Bank where she was already a customer. She is currently viable as a business lady and employs four people at her piggery and poultry farm in the Greater Kampala Metropolitan Area. She used her land title as collateral to secure the Shs6m loan from GROW.
Soroti City’s Edith, a poultry farmer banking with Finance Trust Bank, was supported with a loan of Shs19m from GROW. This enabled her recapitalize her poultry and farm produce business while continuing to sustain her two employees.
Livestock farmer Catherine of Kamwenge, banking with Finance Trust bank from which she had previously taken a loan, was supported with Shs20m from GROW Financing Facility which she used to recapitalize her livestock farming business besides diversifying into coffee, maize, plantain and beans farming. With her husband’s permission, she used a land title as collateral to secure the loan.
Roseline, a poultry farmer in Buikwe where she employs two people and banks with Post Bank, was supported with Shs19.5m under GROW and used the money to build more chicken houses and purchase more stock. She is already earning much more from her poultry business while at the same time comfortably paying back the loan.
Masaka’s Goretti used the Shs5m loan from GROW to purchase higher quality stock feeds for her piggery unit besides reconstructing her pigsties and improving her farm’s gardening systems. She banks with Centenary Bank from which she took out her previous business loan. Gratefully, she had a land title as collateral to secure the loan of Shs5m she took from GROW.
Amina of Masaka, a poultry farmer banking with Centenary Bank from which her previous business loan had come, put in her land sale agreement as collateral to secure the Shs4m loan she was given under GROW. She says she used the money to recapitalize her poultry business.
Harriet of Mukono, who is into bakery, cake-making and events management business, previously had a business loan with Equity Bank, through which her GROW loan of Shs10m was processed and delivered. She used the money to purchase a food mixer and chairs which she says she badly needed to boost her events management business.
Milly of Kampala is into the bakery business too and has five employees. She had her previous business loan with Equity Bank through which her Shs25m loan from GROW project was processed and delivered.
She used the money to expand her bakery supplies. Gratefully, her husband was supportive and executed a power of attorney allowing her to use his land title as security.
Rose of Katwe in Kampala, borrowing for the first time, had for long been a customer of Finance Trust bank through which her GROW loan of Shs80m was processed and delivered. She used the money to purchase value-addition equipment and to also generally expand her bakery business. Her supportive husband appended his signature allowing her to use the title to their matrimonial land as collateral to secure the loan.
Banking with Centenary Bank from which she took her previous business loan, Oliver, a restaurant owner in Masaka with 6 employees, is grateful for the Shs10m she was given under GROW to facilitate the purchase of additional utensils and renovation of the interior decor to increase the competitiveness and attractiveness of her restaurant in Masaka City. A land title was given as collateral for the loan, which was also backed by two guarantors.
Other GROW beneficiaries are Clare of Mbarara City who employs 6 people and used her bank account in Centenary Bank (where she previously had a loan) to receive a GROW loan of Shs10m. She is into restaurant and outside catering business.
She used the money to purchase catering equipment, improve workers’ salaries and generally increase capacity of her outside catering business. She used two guarantors and a banana plantation as collateral to secure the loan.
Audence of Kampala is into grocery shop business and had all along been banking with Post Bank where her previous business loan had been taken from. She offered her land sale agreement as collateral and two guarantors to secure her loan of Shs15m that was given to her courtesy of GROW. She used the money to replenish stocks in her grocery shop. She has four employees in her business.
Joyce of Mbarara City is into tailoring and took out Shs20m to replenish her business. The money was channelled through Finance Trust which has been her bank since 1992. She had two guarantors and the trading licenses to secure her loan.
Juliet of Kampala is into the sweaters and stocks tailoring/making business; banks with Equity Bank which she newly joined relocating from another bank where she had her previous business loan.
She was assessed and found to be qualified to take out a GROW loan of Shs22m, which she used to restock her tailoring business. She put on table a land title and two guarantors to secure her loan.
Noeline of Jinja City is into hardware business and banks with Post Bank which had given her the previous business loan. She was given the GROW loan of Shs22m to restock her hardware shop.
Gulu City’s Patience is into plumbing works and supply of plumbing materials. She banks with DFCU and the Shs30m loaned to her under the GROW project is her very first time to take out a formal business loan. She used the Shs30m loan to replenish, stock and expand her plumbing business. Her two guarantors and her trading license, evidencing authenticity, greatly boosted her GROW loan application.
Rebecca of Lira City has three employees and is into general hardware supplies. She banks with DFCU and used the Shs30m loan that was given to her under GROW to expand her business premises and to also bring in more stock.
Yet that isn’t all. GROW funds have been used to boost many other female entrepreneurs and business owners including Brenda of Wakiso who deals in Children & New Born products.
She has one employee besides herself. Before joining Post Bank, her current bank through which her loan of Shs19m from GROW was channelled, Brenda was with another bank from which her previous business loan had been acquired.
She used the Shs19m to recapitalize and diversify her business. Gratefully, she had a land title to serve as collateral for the loan which was guaranteed by her sister and their friend.
Another beneficiary from Kampala is Joyce who too is in the retail clothing business. Joyce employs one other person, is a first-time borrower and owns a ladies’ boutique. She is a first-time borrower or taker of a business loan and banks with Post Bank through which her GROW loan of Shs30m was processed and delivered.
With full support of her husband, who even signed on the loan papers as a guarantor, Joyce used the Shs30m loan to restock and expand her boutique business. She deposited her car logo book or card as the collateral to secure the loan.
Still from Kampala is another GROW loan beneficiary called Mariam. She owns and operates a bridal wear shop & salon under which she employees six people.
Before enrolling at Centenary Bank, through which her GROW loan of Shs4m was delivered, Mariam had a previous business loan from an MDI. She used the Shs4m loan to purchase more bridal wear to restock and to also increase on her salon stock. She used the business license and two guarantors (including her land lord’s wife) to secure the loan.
Other beneficiaries include Men’s Clothing dealer (Allenie) of Masaka who was given a GROW loan of Shs50m, which she used to bring in new stock and to also open a new branch. Her loan was processed and delivered through Post Bank from which her previous business loan had been acquired. She is long term customer of Post Bank.
Rhona of Mbarara City is into the Bridal Wear & general clothing business with two employees. She banks with Centenary Bank, from which her previous business loan had been obtained. It’s through the same bank that her GROW loan of Shs40m (to facilitate business expansion) was processed and delivered. Her rental houses land title served as collateral to the loan, which was also validated and backed up by two guarantors.
Susan of Masaka is into women’s clothing business and banks with Post Bank (giver of her previous business loan) through which her GROW loan of Shs22m was delivered. This employer of one other person besides herself gave in her land title as collateral to secure the loan which was also backed up by two guarantors.
Ms Kiko of Jinja is into the farm produce business. She was given a loan of Shs50m to enlarge and diversify her farm produce business by going into poultry farming too. She banks with Post Bank where she is a valued customer.
Ruth of Wakiso banks with DFCU bank, through which her GROW loan of Shs21m was processed and delivered. The employer of two is a first-time borrower and she is into the business of supplying and trading of food stuffs like rice, beans, maize grain, maize flour and cooking oil.
Her husband was very supportive all through as seen in the fact that he allowed her to use his land title as collateral to secure the loan and also went on to sign as a guarantor of the loan.
Using her land sale agreement, Rose of Kampala Metropolitan Area was able to receive a GROW loan of Shs6m which she used to increase on her working capital. She is into the business of cereals’ wholesale besides running her retail shop. The first-time borrower is in Equity Bank through which her GROW loan was processed and delivered.
Ms Sharon of Luwero owns a stationary shop where she employs one person. She banks with Centenary Bank through which her GROW loan of Shs5m was processed and delivered. She used her money to restock her stationary business and to also purchase two computers to boost her business operations.
Masaka’s Hadijah banks with Post Bank through which her GROW loan of Shs4m was processed and delivered. She used the money (secured by a land sale agreement & two guarantors) to replenish her stationary business to be able to cash in on the heightened sales that come with the back-to-school season.
Monica of Kampala is another stationery and branding business lady who greatly has benefited from the GROW project loans. She was given a loan of Shs50m which was processed and delivered through Post Bank where is a new customer.
This GROW money was the first time Monica was taking out a formal business loan in her entire life. She used the Shs50m loan to replenish and restock her especially branding business with new equipment to improve its overall efficiency and timeliness in delivering clients’ branding orders. Her GROW loan was secured with collateral of the land title she put on table besides the two guarantors who backed it up.
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