By Stanley Ebele
Cabinet has given special consideration to the women from Karamoja, Bukedi and Busoga sub regions by offering a two- percent reduction on the GROW Project.
The announcement was given during the Centenary Bank engagement with the business women at Caritas Hall in Kotido Municipality on Thursday.
Joseph Nyende, the Monitoring and Evaluation Manager at Centenary Bank, one of the commercial institutions contracted by the government to channel the GROW loans to the business women said that cabinet offer is an incentive to attract more women in the said areas into business.
The GROW Project loans are charged interest of 10.5 percent per annum for other women in the country but the Karamoja, Bukedi and Busoga business women will now be accessing the fund at 8.5 percent interest per annum.
However, the guidelines especially collateral for accessing the fund remains intact for all the prospective borrowers.
Boniface Anzovule Made, the loans official attached to Centenary Bank Kotido Branch says that the fund is available for businesswomen with a minimum capital of 6.8 million shillings.
Meanwhile, several women who attended the training expressed mixed reactions about the collateral amidst the financial needs to boost up their businesses.
GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs who want to grow their businesses, sustain their self-employment and create more jobs.
The Project Development Objective (PDO) is to increase access to entrepreneurial services that enable female entrepreneurs to grow their enterprises in targeted locations, including in refugee-hosting districts (RHDs).
The project, which is worth USD 217 million is financed by the International Development Association (IDA) and the implementing agencies are Ministry of Gender, Labour and Social Development and Private Sector Foundation Uganda (PSFU).
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