Local Women entrepreneurs sign up for the GROW Loans
HABARI DAILY I Kampala, Uganda I Tens of women are currently implementing their dream projects after being funded by Post Bank Uganda (PBU), under the Generating Growth Opportunities and Productivity for Women Enterprises (GROW) project.
This is a $217m World Bank-funded program that aims to help women entrepreneurs in Uganda grow their businesses.
The project is being implemented by the Ministry of Gender, Labour and Social Development in partnership with Private Sector Foundation Uganda (PSFU).
According to a recent press release, PostBank has completed sh6b disbursement of the first tranche of the GROW loan to 353 women entrepreneurs
“We thank the Government for championing such a great initiative that not only drives financial inclusion but encourages women entrepreneurs to participate in social economic activities that align with the governments National Development Plan III agenda (NDP III),” reads part of the release.
Ibrahim Kato, PostBank Uganda’s Chief Retail Officer said they fully support the Government’s aim of increasing the average household incomes and improve the quality of life of Ugandans.
He said PostBank is the only government bank among the banks implementing the GROW project has efficiently disbursed all the funds that it had been allocated to women entrepreneurs across various sectors, including agriculture, trade and commerce, business services, and construction.
“Through our Smart Woman Account, we have been able to disburse the first tranche of sh6b and we believe this will go a long way in growing women’s businesses and contribute to sustained economic development,” he added.
“As a bank with a purpose of driving financial inclusion to enable our people to Grow and Prosper, we welcome projects like the GROW Loan which is designed enable women entrepreneurs to take charge of their financial future,” she said.
SECOND TRANCHE
Kato said they have applied for and we are awaiting the disbursement of the second tranche, so that they can continue to support the government to grow women led businesses in Uganda.
GROW Loan is a government-backed initiative aimed at fostering entrepreneurship among women by providing affordable loans and business development support, focusing on boosting financial inclusion and promoting economic growth in Uganda.
In addition to the GROW Loan, PostBank has been pivotal in supporting Government to implement projects that are designed to foster prosperity for Ugandans.
Julius Kakeeto, the PostBank looks on during the unveiling of the GROW Project
Some of the projects include disbursement of the Parish Development Model money through the Wendi Mobile Wallet by PostBank, payment of COVID 19 funds to households and support of the Landslide victims in Bududa among others.
GROW on the other hand aims to support women in transitioning from micro and small to medium sized and large enterprises.
Issued by Priscilla Akora, the Head Marketing and Communications, the release further says that the GROW Loan product is exclusive to women-led businesses and is being disbursed through a PostBank Account to provide affordable banking solutions.
PostBank Uganda is a financial institution whose is purposed is to foster prosperity for Ugandans.
“We have since its establishment extended tailored financial services to enable our clients grow and prosper by facilitating their participation in social economic activities that improve their livelihoods.
The bank is a limited liability company that was incorporated under the Companies Act in 1998 and is owned by the Government of Uganda with 100% shareholding.
PostBank Uganda, a fully-fledged commercial bank, boasts of a wide branch network of 58 branches countrywide, and over 3,000 Agents. These are complemented by PostMobile, PostApp, PostOnline as well as smart ATMs.
