The Uganda Development Bank (UDB) signed a Memorandum of Understanding with the Uganda Women Entrepreneurs Association Limited (UWEAL) to support 2 million women entrepreneurs with access to finance.  The initiative will provide loans of UGX 50 million to UGX 100 million to women entrepreneurs through UWEAL. Beneficiaries will access these loans at an interest rate of 10% to 12% – significantly lower than the rate offered by many financial service providers in the market. Women entrepreneurs who cannot afford to borrow UGX 50 million will have the option to access the loan through a group structure. The initiative aims to address concerns by women entrepreneurs about not benefitting from previous government relief packages because they were not sufficiently tailored to their needs.

In addition to access to finance, UWEAL seeks to mitigate other challenges women entrepreneurs face, including access to markets, access to government services, and other opportunities. UWEAL is currently operating in 32 districts.

To benefit from this initiative, register for UWEAL Membership here: UWEAL Membership.