Fort Portal City Emyooga SACCOs to receive more seed capital

FORT PORTAL – 20 Emyooga SACCOs in Fort Portal City that have been doing will receive additional Shs 20mln each as seed capital to further boost their businesses.

Fort Portal Resident City Commissioner, Angalia Godwin Kasigwa said the SACCOs selected to receive more funds were found to have adhered to the programme guidelines.

“The success of these SACCOs is measured by the repayment rate and the level of savings by the beneficiaries. These 20 selected SACCOs have been doing very well and therefore will be added more money on top of the shs 30mln they received,” Kasigwa said.

The Fort Portal City senior commercial officer, Micheal Karwani said in each quarter, 10 SACCOs of the selected SACCOs would be given the additional capital.

“The 36 Emyooga SACCOs in the city have generally performed well with exception of a few individuals who have failed to return the money,” Karwani said.

He disclosed that some of the best performing SACCOs that will get additional capital include market vendors, Saloon operators, Women entrepreneurs, local leaders and fish vendors from North division.

Others he said are welders, mechanics, produce dealers and local leaders in Central division.

Karwani said Fort Portal city has 36 Emyooga SACCOs with each division having 18.

“Each division received Shs 560mln totaling Shs 1,120mln,” he added.

The chairperson Fort Portal North division Emyooga Women Entrepreneurs SACCO, Claire Dorcus Kobugabe said under their SACCO, they have 52 associations each comprising 30 members.

She said members have been able to grow their businesses from the loans they acquired despite the seed capital they received being little compared to members in the SACCO.

“Since my members were very organized and sensitized on how to use the money, they have been paying back the loans on time. We are happy that we have been selected to benefit from the additional capital and we promise to put it to good use,” Kobugabe said.

Emyooga is a presidential initiative on job creation that targets 19 clusters including restaurant owners,boda boda, women entrepreneurs, carpenters, saloon operators, journalists, people with disabilities, fishermen, mechanics, performing artists, and taxi operators.

The programme was launched by the president of Uganda in August 2019 as part of government’s continuous strategies to transform 68 percent of Ugandan homesteads from subsistence to market-oriented production.

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