By Guest Writer
Women entrepreneurs in the island district of Buvuma are set to benefit from affordable financing, business training and enterprise development support following the extension of the Government’s Generating Growth Opportunities and Productivity for Women Enterprises (GROW) Project to the district.
Implemented by the Government of Uganda with support from the World Bank and the Private Sector Foundation Uganda (PSFU), the GROW Project aims to increase women’s access to financial and business development services, enabling them to start, strengthen and expand their enterprises. Equity Bank Uganda is among the participating financial institutions delivering the programme.
According to Nelson Mugisha, Enterprise Development Manager at Equity Bank Uganda, the decision to extend the project to Buvuma followed a review of its national coverage by PSFU and participating financial institutions.
“The review established that the project had already reached 134 of Uganda’s 136 districts, leaving Buvuma and Otuke as the only districts yet to benefit. We are pleased to be part of the effort to bridge that gap and ensure women entrepreneurs in these districts can also access the opportunities available under the programme,” Mugisha said.
Under the GROW Project, eligible women entrepreneurs can access loans ranging from Shs1 million to Shs100 million, depending on their business needs and loan category.
However, Mugisha emphasized that Equity bank was taking the programme beyond GROW financing.
“Many people think the GROW Project is only about loans, but there are several other opportunities available to women. We provide free financial literacy training, support business registration and formalisation, as well as business digitalisation,” he said.
Equity bank’s training equips participants with practical skills in budgeting, record keeping, debt management and business growth. Beneficiaries are also supported to formalise their businesses, helping them improve operations, access new markets and build sustainable enterprises.
The programme further seeks to address barriers that women often face when accessing credit, including limited access to collateral. Under the GROW framework, married women may use their spouses’ collateral security to support loan applications, subject to applicable requirements.
Equity’s outreach to Buvuma is also expected to complement other development initiatives in the district that the Bank is already implementing such as the National Oil Palm Project, where many women are already engaged in commercial agriculture.
Silverstar Kagga, a Financial Literacy Trainer at Equity Bank Uganda for the Eastern Region, said the Bank recognized the need to ensure women in Buvuma were not left behind as the programme expanded across the country.
“Buvuma was one of the districts that had not benefited from the GROW Project. Our focus was to ensure that women in the district also have an opportunity to access the financing, skills and support available under the programme,” Silverstar said.
He noted that interest from women already involved in the National Oil Palm Project reinforced the need to bring GROW services closer to the island community.
Beyond access to credit, Equity bank is encouraging women entrepreneurs to embrace a savings culture and take advantage of digital banking services, which can reduce the cost and time spent travelling long distances in search of financial services.
Silverstar urged women to borrow responsibly by carefully assessing their business needs and repayment capacity before taking on credit. He added that women who may not qualify for GROW financing can still access other banking products tailored to support their businesses.
By extending the GROW Project to Buvuma, Equity bank is helping women entrepreneurs in one of Uganda’s hard-to-reach island districts gain access to financing, business skills and opportunities that can improve livelihoods, strengthen local enterprises and contribute to economic growth. (For comments on this story, get back to us on 0705579994 [WhatsApp line], 0779411734 & 041 4674611 or email us at mulengeranews@gmail.com).
