Women entrepreneurs in Buvuma District will now be able to access affordable loans of up to Shs100 million, business training and other support following the extension of the Government’s Generating Growth Opportunities and Productivity for Women Enterprises (GROW) Project to the island district.
The programme, implemented by the Government of Uganda with support from the World Bank and the Private Sector Foundation Uganda (PSFU), seeks to help women start businesses, improve existing enterprises and expand their operations through access to affordable financing and business development services.
Equity Bank Uganda is among the financial institutions participating in the programme and is helping women access loans, financial literacy training and support to formalise their businesses.
Speaking about the extension, Nelson Mugisha, Equity Bank Uganda’s Enterprise Development Manager, said Buvuma was among the last two districts that had not yet benefited from the programme.
He explained that a review conducted by PSFU and participating financial institutions found that GROW had reached 134 of Uganda’s 136 districts, leaving Buvuma and Otuke yet to be covered.
“We are pleased to be part of the effort to bridge that gap and ensure women entrepreneurs in these districts can also access the opportunities available under the programme,” Mugisha said.
Under GROW, eligible women entrepreneurs can borrow between Shs1 million and Shs100 million, depending on their business requirements and the loan category for which they qualify.
However, Mugisha said the programme was not limited to providing loans, noting that Equity Bank also offers free financial literacy training, business registration assistance and support to help entrepreneurs adopt digital technologies.
He said the training helps women understand how to manage their businesses through proper budgeting, record keeping, debt management and financial planning. The support is also intended to help them formalise their enterprises, improve their operations and access wider markets.
The programme also seeks to address some of the challenges women face when applying for loans, particularly the requirement for collateral. Under the GROW arrangement, married women can use their spouses’ collateral to support loan applications, subject to the applicable requirements.
Equity Bank’s expansion of the programme to Buvuma is expected to benefit women involved in different economic activities, including those participating in the National Oil Palm Project, which the bank is also supporting in the district.
Silverstar Kagga, Equity Bank Uganda’s Financial Literacy Trainer for the Eastern Region, said the bank wanted to ensure that women in Buvuma were not excluded from opportunities available to entrepreneurs in other parts of the country.
He said the interest shown by women involved in commercial oil palm farming further demonstrated the importance of bringing financial services and business support closer to the island communities.
Beyond lending, Kagga encouraged women to develop a savings culture and embrace digital banking services, which can reduce the time and transport costs associated with travelling long distances to access financial services.
He also cautioned entrepreneurs against borrowing more money than their businesses could sustain, urging them to assess their financial needs and ability to repay before applying for loans.
Kagga added that women who do not qualify for GROW financing can still approach the bank for other financial products designed to support business owners.
The extension of GROW to Buvuma is expected to give more women access to capital, business management skills and formal financial services, helping them strengthen their enterprises, increase household incomes and contribute to the district’s economic development.
