Pride Bank has officially launched the Generating Growth Opportunities and Productivity for Women Enterprises (GROW) project in Soroti City, an initiative aimed at empowering women entrepreneurs and challenging the harmful social norms that have historically limited women’s participation in economic growth.
The GROW initiative seeks to provide women with easier access to funds and business support, offering low-cost financing at rates ranging from 10 to 10.5 per cent per annum.
Supported by the World Bank and the Government of Uganda, the GROW initiative provides loans ranging from 4 to 200 million Ugandan Shillings, along with comprehensive business training tailored to sectors such as manufacturing and agriculture. So far, the GROW initiative has trained 11,348 women across various enterprises.
Moses Buwudhwike, the Regional Project Officer for the Eastern Region, reported that 186 institutions nationwide have been selected to deliver this training, with 42 currently in the final stages of receiving grants to bolster their businesses.
He noted that women are often restricted from travelling to distant places to conduct business, despite the necessity of accessing markets. “You find that women will always work within their localities, yet they need to move further to look for better markets.” He said and encouraged women to consider entering male-dominated fields, because there are specific grants available to support them in these sectors. These include metal fabrication, welding, and construction.
Veronica Namagembe, the Managing Director of Pride Bank, emphasised that the launch of the GROW project is a significant milestone in the bank’s ongoing commitment to promoting financial inclusion and grassroots economic development throughout Uganda.
“The GROW financing facility is expected to empower individuals and enterprises with flexible financing solutions tailored to meet real business needs, enabling them to expand operations, increase productivity, and create employment opportunities,” Namagembe stated.
She further encouraged women to form cooperatives, which would allow them to access larger-scale loans of about 5 billion Shillings to cultivate specific crops such as maize, soybeans, beans, and sorghum.
Damalie Asekenye, the Chairperson of the GROW Project Focal Persons in Teso, expressed gratitude that the conditions to access the funds have been simplified, attracting more women to join the program.
Pamela Aluro, a beverage seller, expressed satisfaction with the loan she received. “With this loan, my business has expanded, and I now have a variety of products in my shop. I feel no pressure repaying the loan, and I can now pay my children’s school fees with ease,” she shared.
However, John Michael Okurut, the Resident City Commissioner (RCC) of Soroti City, noted that there was a lack of understanding and involvement from community development officers in the initial implementation of the Grow project, which complicated accountability. Okurut cautioned PRIDE Bank against treating the funds as capital for its own activities, emphasising that women must have clear access to the money.
Ames Robert Otim, the LCV chairperson for Ngora District, encouraged women to utilise the GROW funds effectively and urged Pride Bank to roll out the program through agent banking to reach rural women, as many are still unaware of the product. “Bringing a few SACCOs on board to embrace agent banking could enable many women in rural areas to access the funds, “Otim suggested.
Moses Attan, the Soroti City East Member of Parliament, expressed confidence that the funds would help women entrepreneurs scale their businesses. He noted that with improved access to financial resources, women would be able to formalise and dignify their operations, invest in proper equipment, and alleviate the burden of high rent by owning or upgrading their workspaces.-URN. Give us feedback on this story through our email: kamwokyatimes@gmail.com
