- Thousands of women entrepreneurs have already benefited from the initiative
- Challenges for female entrepreneurship in Uganda include limited access to finance and inadequate business skills
- The initiative aims to create a robust economic ecosystem for women entrepreneurs through funding and mentorship
The launch and execution of the GROW Initiative, a program which offers a monumental opportunity for women entrepreneurs across the country to receive funding, business advisory, and networking opportunities in a bid to grow profitable businesses, has been positively received nationwide.
Already, thousands of women entrepreneurs have benefited from this government-led initiative, and the return on investment promises to be monumental for both the individual business owners and the country at large.
By equipping women with access to financial resources, skills development, and mentorship, this initiative will support individual entrepreneurs and drive broader economic growth for our nation.
The landscape of female entrepreneurship in Uganda is evolving rapidly, yet challenges persist. Women make up 50.45% of Uganda's population and contribute significantly to the country’s economy, with almost 40% of businesses owned by women.
However, despite this strong presence, few of these women-led businesses survive beyond five years. A combination of limited access to finance, inadequate business skills, and a lack of mentorship are some of the barriers to growth.
At the official launch of the GROW Initiative (Generating Growth Opportunities and Productivity for Women Enterprises), held by the Private Sector Foundation Uganda, the need to offer a crucial lifeline to women entrepreneurs across Uganda was clearly highlighted.
Grow Project targets women entrepreneurs
The World Bank-funded project, an initiative by the Government of Uganda, intends to create a robust economic ecosystem where women can thrive, and the multiplier effect from its implementation will transform our society on a large scale.
As one of the implementing financial institutions of this project, dfcu Bank enters into GROW with a legacy of supporting women entrepreneurs throughout our existence in Uganda.
Our Women in Business (WiB) program has been at the forefront of supporting women-led businesses in Uganda. Launched in 2007, the program was designed to address the unique challenges faced by women in business, offering tailored financial solutions, training, mentorship, and networking opportunities.
Since its inception, the WiB program has reached over 80,000 women, providing them with the tools and support required to succeed in their entrepreneurial journeys.
Located at our Head Office is a Women in Business Advisory Centre, which was set up to support women entrepreneurs. It is led and run by a formidable team of women bankers, financial advisors, and strategists.
Through our Business Accelerator Program and the Rising Woman Competition, we have reached, trained, and financed thousands of women running small, medium, and large enterprises across the country. With over 50 locations nationwide, dfcu Bank is uniquely positioned to offer a comprehensive support system that addresses both the financial and non-financial needs of women entrepreneurs.
One of the critical components of our involvement in the GROW Initiative will be leveraging the extensive network and resources of the dfcu Women in Business program to reach and empower thousands of women entrepreneurs.
This will include providing access to capital at favourable terms, business management training, and opportunities for women to connect and learn from each other.
The impact of the GROW Initiative will be profound and is set to change the narrative for women entrepreneurs in Uganda. Led by our purpose, ‘Transforming Lives and Businesses in Uganda,’ dfcu will continue to execute the GROW Project as we bank on the fortitude of Ugandan female business owners. In the near future, we look forward to working closely with our partners, stakeholders, and the incredible women entrepreneurs across Uganda to turn the vision of GROW into a reality.
The writer is the Head of Corporate Affairs and PR at dfcu Bank.