Finance Minister clarifies on access to GROW funds
The Minister of State for Finance, Planning and Economic Development (General Duties), Hon. Henry Musasizi has clarified that the women’s project, Generating Growth Opportunities and Productivity for Women Enterprises (GROW) funds are loans and not grants.
Musasizi said this while responding to a matter of national importance raised by Gulu City Woman Member of Parliament, Hon. Betty Aol on the access of the GROW project funds.
This was during the sitting of the House on Thursday, 18 September 2024.
Aol said that there is contradictory information on the nature of the fund saying that some call it a grant while others say it is a loan.
“Women groups underwent training in preparation to access the fund but the information we are getting at implementation is different. The banks are asking for land titles; where are women going to get land titles from?” Aol asked.
Musasizi said that the money lent to the women groups ranges from Shs4 million to Shs200 million with interest rate of 10 and 10.5 per cent per annum.
“The interest rates depend on the commercial bank lending rate and the requirements include, an account in the lending bank, collateral, business license, loan budget, business record recommendation from Local Council 1 and guarantors,” Musasizi said.
He added that the project targets women who have existing businesses that benefited from other wealth creation programmes like Emyooga, Parish Development Model and Uganda Women Entrepreneurship Programme among others.
“It is aimed at supporting women who have graduated from these other projects. To allay your fears, it is not for everyone. We can come back and give a detailed report,” Musasizi said.
According to Musasizi, the Shs180 billion GROW project is being implemented by the Ministry of Gender, Labour and Social Development in partnership with the Ministry of Finance under the Private Sector Foundation.
Deputy Speaker, Thomas Tayebwa gave the Minister of Finance up to Wednesday, 25 September 2024 to present a detailed report on the implementation of the project.