The Minister of State for Finance, Planning, and Economic Development (General Duties), Hon. Henry Musasizi, has addressed confusion surrounding the Generating Growth Opportunities and Productivity for Women Enterprises (GROW) funds, clarifying that the funds are loans, not grants. This came during a parliamentary session on Thursday, September 18, 2024, following concerns raised by Gulu City Woman MP, Hon. Betty Aol, who pointed to conflicting information regarding the fund's nature.
Hon. Aol stated that some women were told the funds were grants, only to find out that they are loans requiring collateral, such as land titles, which many women lack. "Women groups underwent training in preparation to access the fund, but the information we are getting at implementation is different," Aol noted, citing confusion on the ground.
In response, Musasizi emphasized that the GROW funds, which range between Shs4 million and Shs200 million, are offered at an annual interest rate of 10 to 10.5 percent, depending on the commercial bank's lending rate. "The requirements include collateral, a business license, a loan budget, and guarantors," he explained, noting that the project targets women who have already benefited from initiatives like Emyooga and the Parish Development Model.
The GROW project, a Shs180 billion initiative, is implemented by the Ministry of Gender in partnership with the Ministry of Finance under the Private Sector Foundation. Musasizi assured MPs that the funds aim to support women entrepreneurs who have progressed through other government programs. Deputy Speaker Thomas Tayebwa requested a full report on the project’s implementation by September 25, 2024.
