Uganda Urges Women Entrepreneurs to Use GROW Loans & Digital Tools

Uganda’s Finance Minister Henry Musasizi has encouraged women entrepreneurs in the Kigezi sub-region to use government initiatives, accessible financing and digital technologies to grow their businesses generate employment and support the country’s economic development.

He made the remarks while officiating at the Kigezi Regional Business Forum organized under the Generating Growth Opportunities and Productivity for Women Enterprises (GROW) Project. The event took place at the National Teachers College; now UNITE Kabale Campus, in Kabale Municipality.

The minister said that reaching the target would depend on higher productivity, greater accountability and stronger partnerships between the public and private sectors.

He acknowledged the World Bank and other development partners for supporting the $217 million GROW Project, which offers women entrepreneurs loans ranging from Shs2 million to Shs200 million at annual interest rates capped at 10%.

Henry urged beneficiaries to invest the funds in expanding production, adopting modern technologies, strengthening financial management and formalizing their businesses.

He also encouraged women entrepreneurs to build networks that would help them access local, regional and international markets.

Key Highlights:

• The GROW Project offers women entrepreneurs loans of up to Shs200 million at annual interest rates capped at 10%
• The forum encouraged women to adopt digital tools, strengthen business skills and access wider markets
• An exhibition featuring 30 women-led businesses helped showcase products, connect with clients and explore partnerships

The minister urged local government officials and other partners to further strengthen their partnerships and increase their infrastructure and services to support the growth of women entrepreneurs.

The GROW Project National Coordinator, Dr Ruth Aisha Kasolo Biyinzika urged the women entrepreneurs to embrace digitalization through establishing their business websites and social media, which could help them sell their products and services to the target market.

Henry welcomed the participants to the forum and thanked the women entrepreneurs for their attending the forum and they were encouraged to discuss the issues related to business growth and enterprise development.

The engagement also served as an opportunity for beneficiaries to exchange their business experiences, discuss challenges and explore opportunities with the GROW Project, such as financial loans and business development assistance.

The forum was also accompanied by an exhibition of products and services of 30 businesses of the women entrepreneurs where the business women got to showcase their products and services, engage with potential clients and make a business alliance.

The Ministry of Gender, Labor and Social Development has undertaken the GROW Project with the partnership of PSFU and, with the support of the World Bank. It seeks to help women entrepreneurs’ access finance and other services to run a business.

The Kigezi forum is part of the push that will make women more involved in the formal economy through supporting the transition of women business from subsistence and informal economy to sustainable economy that will provide income, employment and improve the livelihoods of women and their families.