Lydia Nyafono, a 44 year old Agri-business farmer in Agululu village in Tororo District. For the past nine years, she has been in the business of working with farmers to process and sell dried maize and rice.
The past nine years, Nyafono says her business has been limping just like any other business that lacks enough capital and because of that, it meant less profits caused by less input. Few months ago, God answered her prayers and she was able to receive the Grow loan of Shs4 million and this has helped to transform her business.
“When I got the loan, I was able to stock from 15 bags of maize to 3 tons and I am now able to meet the demand” Nyafono says. She adds that the profits from the business to pay for her children’s school fees and also build a home.
According to Dr Ruth Aisha Biyinzika Kasolo, the Grow loan project coordinator at Private Sector Foundation Uganda, the process of accessing the Grow loan is very easy as compared to back then when people would go to the banks and don’t succeed. With the Grow loan, Dr Kasolo says that all one needs is proof that the business is owned by her with atleast 51% share and also provides some collateral. The loans are given through 5 different banks that include Finance Trust Bank, Equity Bank, Centenary Bank, Stanbic Bank and Post Bank.
The loans range from shs 4 million to Shs200 million payable with an interest rate 10% payable in 24 months. The loan is given to only women entrepreneurs who own atleast 51% share of the enterprise.
