GULU CITY, November 11, 2025 — The business community in Gulu City, under the umbrella of the Gulu Business Community Association, has announced plans to establish a revolving fund to provide members with access to affordable loans.
On November 4, 2025, a delegation of 40 representatives from various business sectors in Gulu; including traders, hoteliers, importers, exporters, market vendors, transporters, and contractors, met with President Yoweri Kaguta Museveni at State House where the President pledged Shs 10 billion for the association’s revolving fund.
During the meeting, the President commended the Association for its resilience and contribution to the growth of Northern Uganda’s economy, describing the region as a vital food basket and agricultural hub for the country and beyond.
The delegation was led by the Minister of Justice and Constitutional Affairs, Nobert Mao, who thanked the President for his continued support towards empowering traders in Northern Uganda and strengthening local enterprise.
Association leaders respond
David Ocaya, Chairperson of the association, revealed that the initiative was launched in April, 2013 with just seven members, with the aim of uniting all business people in the Acholi Sub-region under one umbrella to pursue common goals.
Ocaya said while meeting Museveni, the Gulu businessmen presented him the challenges hindering the growth of their business.
“We presented our challenges to the President, particularly concerning the operations of the Uganda Revenue Authority [URA], which have become a major obstacle to business growth in Gulu,” Ocaya explained.
He added that heavy taxation by URA had caused many businesses to collapse, with some business owners facing severe financial distress and losing property to banks.
“As an association, we appealed for Shs 15 billion, but His Excellency pledged Shs 10 billion as a revolving fund to serve all members of the Gulu City business community at a low interest rate of 5–10 percent — unlike loans from the Microfinance Support Centre, where interest rates are typically above 12 percent,” Ocaya said.
However, Museveni, the presidential candidate for the National Resistance Movement [NRM] in indicated that the funds would be disbursed after the 2025/2026 general elections.
Ocaya further emphasised the need for capacity building in financial management, noting that the Association plans to launch a training programme to ensure members manage their finances prudently once the funds become available.
He added that the Association now has over 11,200 members and a working capital of Shs 200 million.
Vendors speak out
Patrick Omaya, Chairperson of the Gulu City Market Vendors Association, said some vendors had abandoned their stalls due to pressure from lenders but pledged to support them to return to business.
He thanked Museveni for his continued investment in education and wealth creation initiatives, and urged local business people to register and buy shares in preparation for the new revolving fund.
“This fund is not for politics,” Omaya stressed. “We intend to use it to support the young generation involved in production and to rescue struggling entrepreneurs in the Acholi sub-region.”
He added that the Association plans to begin profiling families and business owners who have been affected by loan-related distress in order to provide targeted support.
Gulu Airfield upgrade and war compensation
George Lapir Aligech, Spokesperson for the Gulu Business Community, disclosed that the President had also agreed to upgrade Gulu Airfield to international airport status to boost regional trade with neighbouring countries like the Democratic Republic of Congo, Tanzania, Kenya, and South Sudan
Lapir further noted that the delegation had requested compensation for 617 business people who lost their property during the insurgency in Northern Uganda.
“The President directed the Attorney General to begin compensating those victims, and a lawyer from State House will follow up to ensure that all those whose businesses collapsed during the war are duly compensated,” he said.
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