WOMEN SHOULD EMBRACE GROW MONEY TO BOOST THEIR BUSINESSES

 We all appreciate the role played by women( who are the mothers of the nation ) in economic development. Women play a critical role in the Micro Medium and Small Enterprise Development in Uganda. We need to remember that more than 50% of Uganda's economy is dominated by MSMES. If one wants to validate it he or she juts needs to visit down town Kampala and he or she will not be disappointed. 

Women led enterprises face a lot of challenges and one of the most cited is lack of access to affordable finance. In most cases formal financial institutions require collateral security while providing loans to women. The banks are justified since the regulator Bank of Uganda is very strict when protecting customer deposits. Unfortunately though many women a hardworking entrepreneurs some of the cultural stereotypes prevent them from accessing traditional collateral such as land title and sales agreement. This leaves a number of them financially excluded.

A close analysis of the recently launched GROW project shows that it will boost the capacity of various categories of women entrepreneurs. The notion that only a loan can lead to the growth of an enterprise is covered by the requirements of GROW since emphasis is also placed on training women in entrepreneurial skills so that they can widen their business operations. Research shows that well trained entrepreneurs are likely to run their businesses better and are likely to use borrowed funds in a responsible way. The cases of loan diversion reduce when the beneficiaries are trained in basic financial management functions. The government will benefit because businesses that have been working in the informal sector will have a chance to formalize and pay taxes.

Overall women stand a chance of benefitting from the GROW Project if they are proactive in embracing opportunities.

Phillip Kiryowa

Finance and Leadership Coach(PCC)

+256752615916

For Financial Freedom and Sustainable Businesses

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