MBALE, September 7, 2024 — Government days ago launched the Generating Growth Opportunities and Productivity for Women Enterprises [GROW] project in Mbale City, calling upon women entrepreneurs to participate in the project worth Shs 803 billion.
At least 300 businesswomen in the city attended the launch to learn about the project planned to be implemented across the country. The project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs who want to grow their businesses, sustain their self-employment and create more jobs
Annet Namwase, the Community Development Officer for Mbale City Council said that they have been sensitising women on the project implemented by the Gender Ministry in partnership with Private Sector Foundation Uganda [PSFU].
“The aim is for them to gain knowledge and understanding of the program so that they can return to their communities and encourage other businesswomen to join. This is a good project and it will help them fight poverty among themselves, she said.
Namwase assured the women that banks are committed to providing them with loans applied for without any deductions.
“If you apply for Shs10 million, you will receive the full amount. This money is only for businesswomen and not for personal expenses such as buying food, clothes, or paying school fees,” she said.
Speaking at the function, the National Coordinator for Emyooga programme, Ritah Namuwenge called on the city leaders to mobilise more women to participate in the GROW project funded by the World Bank.
She also encouraged women to seek assistance from community development officers [CDOs] if they have difficulty understanding the project.
Namuwenge emphasised that the GROW funds are non-partisan and available to women from all political backgrounds.
“This money is not political; it’s for all women across different parties. So, take advantage of it and grow your businesses,” she urged the women.
Namuwenge further urged the banks to simplify the application process, noting that many businesswomen may not have advanced English language skills to apply in these banks.
Representatives from six banks in Mbale City—Centenary Bank, Equity Bank, Finance Trust Bank, Stanbic Bank, DFCU, and Post Bank—were invited to explain how they will collaborate with the women under the GROW project.
On her part, Resident City Commissioner, Asumin Nasike advised the banks not to create unnecessary hurdles for women applying for the GROW funds.
She encouraged women to seek out banks that offer good customer service. She suggested that banks should set up dedicated desks for the GROW project to streamline the process.
The RCC who is also the Chief Monitor of government programmes in the city asked the women to thank President Museveni for empowering them economically.
Project loan facility launched
GROW project loan facility was launched at Hotel Africana in Kampala recently. Under the initiative, women are advanced loans of between Shs 4 million and Shs 200mln.
Here are the bank requirements one requires to access the loan.
dfcu BANK
Shs 4m-Shs 200m 10 percent per year at declining balance
AGRICULTURE PRODUCTION
Amount: Shs 4m-Shs 200m
Tenure: up to 2 years
Requirements:
Proof of cashflows [one year bank statement]
Collateral [As applicable le land title, land sales agreement]
Proof of businesses [trading license] Facility is secured by bank
BARAKA LOANS
Amount: Shs 4m-Shs30m
Tenure: 1month-12 months
Requirements:
Proof of cashflows [one year bank statement]
Proof of businesses [trading license]
Collateral (land title, land sales agreement)
BUSINESS GROWTH LOANS
Amount: Shs 4m-Shs 200m
Tenure: up to 2 years Requirements:
Proof of cashflows [one year bank statement]
Proof of businesses [trading license] Collateral (As applicable is land title,
land sales agreement)
TRADE/ASSET FINANCING LOANS
Amount: Shs 4m-Shs 200m
Tenure: up to 2 years
Note: Up to 80 percent financing depending on the type of asset being purchased and up to 70 percent of contract sum. Minimum unsecured- Shs 100 million for trade financing
Requirements:
Proof of cashflows [one year bank statement]
Proof of businesses [trading license]
Collateral (land title, land sales agreement)
EQUITY BANK
Shs 4m-200m 10.5 percent per year at Flat interest rate
LEVEL 1 LOANS
Amount: Shs 4m – Shs 20m
Tenure: 3-24 months
Requirements:
New micro enterprises.
One guarantor is required and should be permanent.
Depending on the cash flows of the Business/enterprise financed.
Collateral: Bibanja, titled land, lease offers, Motor vehicles.
LEVEL 2 LOANS
Amount: Shs 20m – Shs 40m
Tenure: 3-24 Months
Requirements:
Micro growth.
One guarantor is required and should be permanent.
Depending on the cash flows of the Business/enterprise financed. Collateral: Bibanja, titLed land, lease offers, Motor vehicles.
BUSINESS GROWTH LOANS
Amount: Shs 40m-Shs 100m
1 Tenure: 3-24 Months
Requirements:
Micro growth.
One guarantor is required and should be permanent.
Depending on the cash flows of the Business/enterprise financed. Collateral: Bibenje, titled land, lease offers, Motor vehicles
FINANCE trust BANK
Shs 4m-200m
10.5% per year at Flat interest rate
BUSINESS LOAN [SECURED]
Amount: Shs 4m-Shs 200m
Tenure: up to years
Requirements:
Loans made to individual borrowers [not groups].
Acceptable securities are; Chattels (furniture, home appliances), unregistered land [Bibanjas],
Land Titles, Log books.
Evidence of business income.
AGRICULTURAL LOAN [SECURED]
Amount: Shs 4m-Shs 30m
Tenure: up to 2 years
Requirements:
Loans made for individual borrowers [not groups].
Collateral Chattels [furniture, home appliances], unregistered land [Bibanjas], land titles, logbooks.
Provide evidence of income.
TRADE FINANCE [UNSECURED]
Amount: Shs 4m-Shs 200m
Tenure: up to 2 years
Requirements:
No Collateral Required.
Copy of the contracts previously executed and those running
Contract to be financed and call off orders If any.
Audited Books of Accounts [latest] Account statements for last 12 months from other banks.
CopIes of past interim payment certificates contract completion certificates and/or goods received.
Additional documentation as required
POST BANK
Shs 4m- Shs 200m 10% per year at Declining balance
UNSECURED LOAN
Amount: Shs 4m-Shs 5m
Tenure: up to 8 months
Requirements:
Guarantors shall not have non- performing loans
Personal guarantee of group executive members
Borrowers eligible for the unsecured facility must belong to a registered group with evidence of group activity [regular meeting, saving, loan repayment]
Evidence of income generating activity to repay loan.
Business age-Not less than 24 months
SECURED LOANS
Amount: Shs 5m-Shs 200m
Tenure: up to 24 months Requirements:
The maximum tenor for the secured loans shall not exceed 24 months.
Cashflows of the borrower.
Collateral with sufficient cover as guided by the Credit Policy.
Personal guarantee of directors or Individual entities as per credit recommendation.
Evidence of income generating activity to repay loan.
Business age-Not less than 24 months
CENTENARY BANK
UGX 40m-200m 10.5% per year at Declining balance
SME BUSINESS LOAN
Amount: Shs 4m-Shs 200m up to 2 years
requirements:
Title deed or other asset[s] being offered as security with valuation report [dated within 4 years of application date], done by bank’s approved valuers.
Site visit reports and Valid licenses for the security business and
MICRO BUSINESS LOAN
Shs 4m – Shs 40m
Up to 2 years
Requirements:
Informal loan security accepted of fixed or movable assets.
Flexible and regular repayment plans.
Guarantees, personal or corporate.
Applicant must be resident within the branch designated area of operation.
There must be an on-going business activity
STANBIC BANK
Shs 4m-200m 10.5% per year at Declining balance
WORKING CAPITAL LOAN
Amount: Shs 4m-Shs 200m
Tenure: upto 12 months
SHORT TERM LOAN
Amount: Shs 4m-Shs 200m
Tenure: up to 6 months
BUSINESS TERM LOAN
Amount: Shs 4m-Shs 200m
Tenure: up to 2 years
AGRIBUSINESS FINANCING
Amount: Shs 4m-Shs 200m
Tenure: upto 2 years
OVERDRAFT SECURED
Amount: Shs 4m-Shs 200m
Tenure: upto 2 years
Note: You only pay interest on what you use, NOT on the full amount
VAF SECURED
Amount: Shs 4m-Shs 200m
Tenure: up to 2 years
Note: Purchase of Office equipment specialised equipment e.g. Medical, factory equipment, production line equipment. Vehicles e.g. commercial, tractors, yellow metal, Personal care.
LOAN REQUIREMENTS
Founding documents [Trading Licence Inclusive]
Proof of cashflow [bank statements with existing bankers for recent 12 months period]
Collateral details [where applicable]
Contracts of the business [where applicable]
https://thecooperator.news/finance-trust-bank-empowers-2000-women-through-grow-project/
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