dfcu Bank has launched the GROW Loan initiative in Eastern Uganda to support women entrepreneurs in the region with financial support and business training to scale their businesses.
The event, held in Jinja, marks a significant step in dfcu Bank’s commitment to fostering economic growth and supporting women in business through access to affordable credit, tailored financial solutions, and capacity building.
The GROW Loan is designed specifically for women in business who are looking to expand and strengthen their enterprises. The initiative addresses the unique challenges faced by women entrepreneurs, offering them not just financial assistance but also the mentorship and business development training necessary for long-term success.
Speaking at the launch event, Hope Nakhayenze, Chief Risk Officer dfcu Bank highlighted the importance of the GROW Loan in the region.
“Today, we’re here to launch the GROW Loan to support women who want to grow their businesses. We’re not just going to give them money but we’re going to engage with them to understand their businesses and their challenges so that we’re supporting the businesses to succeed. Through our Women in Business (WiB) program, dfcu Bank is offering pre and post trainings to further support women and give full value for the money that they are borrowing.”
The GROW loan at dfcu Bank is offered at a low interest rate of 10% per annum and it has a repayment period of up to 2 years. Women entrepreneurs can borrow from 4 million – 200 million UGX to grow their businesses and they can benefit from a GROW bonus from 5% to 10% with dfcu Bank if they consistently pay their loan for at least halfway the loan period.
Eastern Uganda is home to a growing number of small and medium-sized enterprises (SMEs) led by enterprising women in key industries such as agriculture, trade, and manufacturing where they drive household and community economies. Major towns like Jinja, Mbale, and Iganga serve as commercial centers for businesses ranging from large-scale farming to small and medium enterprises (SMEs) involved in trading goods and services.
“I am happy to be here with dfcu Bank to launch this important project in the Eastern region. Jinja City has long been a hub for industry and entrepreneurship, with women playing a key role in our local economy. The launch of dfcu Bank’s GROW Loan initiative here marks a big milestone in empowering our women entrepreneurs and supporting them to grow their businesses. This partnership with Government of Uganda, World Bank and dfcu Bank will undoubtedly contribute to the growth and prosperity of Jinja and the entire Eastern region,” Alton Peter Kasolo, Mayor of Jinja City noted at the event.
dfcu Bank has disbursed 5.2 billion UGX to 113 women in the past month and trained 800 women entrepreneurs in risk management, business skills and business formalization.