Dr. Aisha Kasolo, Project Coordinator at Private Sector Foundation Uganda (PSFU), addresses the media on the GROW loan facility eligibility criteria (PHOTO/Courtesy)Dr. Aisha Kasolo, Project Coordinator at Private Sector Foundation Uganda (PSFU), has clarified the eligibility criteria and benefits of the GROW loan facility. The GROW loan facility, funded by the World Bank with a grant of USD 217 million, aims to support women-owned businesses in Uganda, enabling them to grow from micro to small and medium enterprises.The facility was launched in partnership with six banks: Finance Trust Bank, DFCU, Centenary Bank, Equity Bank, Post Bank, and Stanbic Bank. To be eligible, women must own at least 51% of the enterprise.During a press conference, Dr. Kasolo emphasized that the loan is meant for women-owned businesses, excluding those harmful to the environment, such as sports betting, charcoal burning, and wood processing. Traders involved in shipments from countries like China, Dubai, and other Western nations are also ineligible.“The GROW loan is not meant for businesses that harm nature,” Dr. Kasolo said.To qualify for the loan, businesses must meet the following eligibility criteria: they must be women-owned (at least 51% ownership), registered, and pay taxes. Additionally, they must possess trading licenses and other necessary documents.The loan offers beneficial terms, including low interest rates of 10% or 10.5% payable in 24 months, and flexible loan amounts ranging from Shs 2,000,000 to Shs 200,000,000, depending on the business nature.Dr. Kasolo reassured that businesses without trading licenses will receive assistance to obtain the necessary documents. She also clarified that the participating banks cannot charge high interest rates, as the GROW loan aims to provide affordable financing options for women entrepreneurs.The GROW project will run until December 2027, providing a valuable opportunity for women-owned businesses to access financial support and grow their enterprises.Related
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