Amolatar Emyooga beneficiaries tell success stories
AMOLATAR– Beneficiaries of Emyooga Programme in Amolatar district are reporting success since it was rolled out in the district more than a year ago.
Programme beneficiaries who interacted with this reporter say the seed capital they received has helped them start or grow their business, learn saving culture and create associations and partnerships.
Emyooga, a presidential initiative rolled out in October 2022, aims at wealth and job creation. It is intended to support among others, market vendors, welders, taxi drivers, carpenters, performing artists, and restaurant owners, who come together in the form of savings and credit co-operative societies.
Each parish Emyooga Sacco receives a revolving seed capital of Shs 30 million.
When the government launched Emyooga in 2022, James Mike Okello, a member of Kyoga County Fishermen SACCO had a struggling business, but now things have changed for the better after accessing funds.
Okello, who is dealing in fishing said, “I received Shs 4mln and invested in fishing. Imagine if you borrow Shs 1mln, you pay an interest of Shs 27, 000 within a period of 4 months. The interest rate is affordable and I have so far built a permanent house from the money I borrowed from Emyooga.”
Jasper Okello, the Chairperson Kyoga County Taxi Operators’ SACCO says from Shs 30mln received from government, the SACCO has grown to a current loan portfolio of Shs 72mln.
“Our loan portfolio has grown from the Shs 30mln seed capital to Shs 72mln. I borrowed Shs 3 million from the SACCO to boost my initial capital. I can confirm to you, life has never been the same. I am able to pay fees for my children and extended my business,” he said.
Amolatar district commercial officer, Teddy Ayo says most Emyooga beneficiary SACCOs in the area are doing fairly well with the exception of a few that are unable to service their loans well.
“Emyooga SACCOs are doing fairly well in Amolatar and the program is positively changing the lives of our people. Women Entrepreneurship SACCOs are doing so well, the worse SACCOs giving us headache x are the Boda-boda SACCOs and the Saloon operators,” she said.
“Currently, the challenge is that most SACCOs are not paying back the loan well I think it is due to the current economic crisis in the country. The defaulters are running away. They are crossing Lake Kwania to hide in Kwania, Apac, and some run to Nakasongola district,” she added.
Haji Haruna Kasolo, State Microfinance, and Small Enterprises asked Emyooga beneficiaries to embrace a saving culture and pay back the loans.
He says the government is currently giving an extra Shs 20mln to excelling SACCOs.
https://thecooperator.news/fishermen-on-lakes-kwania-and-kyoga-find-hope-in-emyooga/
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