Finance Trust Bank empowers 2,000 women through GROW project

KAMPALA, August 19, 2024 — Finance Trust Bank has successfully trained 2,000 women entrepreneurs as part of the World Bank-funded Growth Opportunities and Productivity for Women Enterprises [GROW] project. The project, supported by the World Bank with an investment of approximately US$ 217 million [about 803 billion], aims to bolster women entrepreneurs across the country.

As one of the project’s implementers, Finance Trust Bank organised a training session for these women entrepreneurs, equipping them with essential knowledge and financial management skills. The session also featured opportunities for successful women to share their experiences and strategies for navigating the financial and business landscape.

During the training held at UMA grounds in Kampala, Prof. Wasswa Balunywa, the lead trainer, encouraged the women to leverage their natural creativity and survival instincts in business. “Society has historically relegated women to the kitchen and doubted their business capabilities. However, research indicates that women often excel as managers. Your emotions can be a strength in leadership,” Balunywa said, a former Principal of Makerere University Business School [MUBS], said.

He urged the participants to overcome societal limitations and adopt a mindset of self-belief. “The only difference between men and women is physical and biological. You can overcome societal stereotypes and succeed,” he added.

Annet Nakawunde, Managing Director of Finance Trust Bank, highlighted the importance of preparing beneficiaries for the project. “While we regularly hold financial literacy sessions for women, this training was specifically designed to prepare them for the GROW project. We believe that providing financial assistance is most effective when accompanied by thorough preparation,” Nakawunde explained.

The training focused on changing mindsets and aligning participants with proper business understanding. “Our goal is to shift their perspective on business, loan acquisition and repayment, financial decision-making, and effective product marketing,” said Nakawunde.

Under GROW project, Finance Trust Bank will offer loans ranging from Shs 4mln to Shs 400mln at an interest rate of 10.5 percent. The project, which runs until 2027, aims to impact at least 35,000 micro and 4,000 small-scale enterprises led by women, helping them transition into medium enterprises.

Additionally, the project targets 60,000 female-owned enterprises, including 3,000 refugee-owned businesses, and aims to benefit 280,000 women entrepreneurs and employees, including 42,000 refugees.

The GROW project seeks to enhance access to finance for women entrepreneurs, support their transition from micro to small and medium enterprises, and build inclusive infrastructure to foster economic efficiency.

https://thecooperator.news/govt-picks-six-banks-for-over-shs-803bln-grow-project/

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