dfcu Bank has introduced the GROW initiative in Eastern Uganda, aimed at providing financial support and business training to women entrepreneurs in the region. The launch event, held in Jinja, underscores the bank's commitment to fostering economic growth and enhancing opportunities for women through accessible credit, tailored financial solutions, and capacity building.
The GROW Loan is specifically designed for women looking to expand their businesses, addressing the unique challenges they face. This initiative not only offers financial assistance but also provides mentorship and business development training crucial for long-term success.
Hope Nakhayenze, Chief Risk Officer of dfcu Bank, emphasized the initiative’s significance during the launch. “Today, we are proud to introduce the GROW Loan to support women who want to grow their businesses.
We aim to engage with these entrepreneurs to understand their needs and challenges, ensuring we provide meaningful support. Through our Women in Business (WiB) program, dfcu Bank offers both pre- and post-loan training to maximize the value of their investment,” she stated.
The GROW loan features a competitive interest rate of 10% per annum, with a repayment period of up to two years. Women entrepreneurs can borrow between 4 million and 200 million UGX, and those who consistently repay their loans can receive a GROW bonus ranging from 5% to 10%.
Eastern Uganda is witnessing a rise in small and medium-sized enterprises (SMEs), particularly in agriculture, trade, and manufacturing, where women play a vital role in driving local economies. Key commercial centers such as Jinja, Mbale, and Iganga support a diverse range of businesses, from large-scale agriculture to SMEs offering various goods and services.
WATCH VIDEO: All about the dfcu GROW loan
Jinja City Mayor Alton Peter Kasolo expressed his support for the initiative, stating, “I am delighted to be here with dfcu Bank to launch this significant project in the Eastern region. Jinja has long been a center for industry and entrepreneurship, with women crucial to our local economy.
The launch of dfcu Bank’s GROW Loan initiative represents a major step toward empowering our women entrepreneurs and supporting their business growth. This collaboration with the Government of Uganda, the World Bank, and dfcu Bank will undoubtedly enhance the prosperity of Jinja and the wider Eastern region.”
In the past month, dfcu Bank has disbursed 5.2 billion UGX to 113 women and has provided training to 800 women entrepreneurs in areas such as risk management, business skills, and formalization.
