Uganda: dfcu Bank Launches GROW Initiative to Empower Women Entrepreneurs

dfcu Bank has launched the GROW initiative in Eastern Uganda, aiming to empower women entrepreneurs with financial support and business training to scale their businesses. The event in Jinja signifies a major step in dfcu Bank’s mission to foster economic growth by providing affordable credit, tailored financial solutions, and capacity-building programs.

The GROW Loan is tailored for women looking to expand their enterprises, addressing the unique challenges they face. Beyond financial assistance, the initiative includes mentorship and business development training to ensure long-term success. Hope Nakhayenze, Chief Risk Officer at dfcu Bank, emphasized the comprehensive support offered, stating, “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.” The Women in Business (WiB) program at dfcu Bank offers pre and post trainings to further support women, maximizing the value of their borrowed funds.

The GROW Loan is offered at a low interest rate of 10% per annum, with a repayment period of up to two years. Women entrepreneurs can borrow between 4 million and 200 million UGX to grow their businesses, with the added benefit of a GROW bonus from 5% to 10% for consistent loan repayments.

Eastern Uganda, particularly major towns like Jinja, Mbale, and Iganga, is home to numerous SMEs led by enterprising women in key industries such as agriculture, trade, and manufacturing. These women play a crucial role in driving household and community economies.

Alton Peter Kasolo, Mayor of Jinja City, highlighted the importance of the initiative, noting, “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.” He acknowledged the partnership with the Government of Uganda, World Bank, and dfcu Bank as a significant contributor to the region’s growth and prosperity.

In the past month, dfcu Bank has disbursed 5.2 billion UGX to 113 women and trained 800 women entrepreneurs in risk management, business skills, and business formalization.