KAMPALA – Housing Finance Bank (HFB) has taken a significant step towards empowering women in Uganda with the launch of the HFB Woman initiative, in partnership with the Uganda Women Entrepreneurs Association Limited (UWEAL). This innovative financing solution aims to provide affordable loans to women entrepreneurs, enhancing their business ventures and contributing to Uganda’s socio-economic transformation.
The launch event, held on October 15, 2024, in Kampala, Uganda, marked a crucial milestone in HFB’s commitment to gender equality and economic empowerment. The initiative is designed to support women-owned businesses, addressing the significant challenges they face in accessing financing.
According to the World Bank, women in Uganda make up over 48% of the workforce but access only about 30% of available credit. This disparity not only hampers individual ambitions but also restricts broader economic development. The World Bank estimates that closing the gender gap in labor force participation could increase Uganda’s GDP by up to 8%.
The HFB Woman solution is tailored to meet the unique needs of women entrepreneurs, offering loan amounts ranging from Ugx 10 million to Ugx 50 million with repayment periods of up to 3 years. Agricultural ventures will also benefit from a 6-month grace period, free advisory services, and relationship management.
To be eligible, applicants must be women aged between 18 and 68 years, owning at least 60% of the business. This ensures that the benefits of the initiative are directly targeted at women entrepreneurs, promoting their economic empowerment and independence.
Peace K. Ayebazibwe, Executive Director of HFB, emphasized the importance of economically empowering women, stating, “Women tend to reinvest a significant portion of their earnings back into their families and communities. This means that when we empower women economically, the benefits ripple outward, improving education, health, and well-being for entire communities. So today, we are not only launching a product, but we are also sowing a seed towards the growth of communities and Uganda as a whole.”
Connie Kekihembo, CEO of UWEAL, highlighted the partnership’s significance, saying, “The HFB Woman initiative aligns perfectly with our mission to empower women entrepreneurs to create wealth through capacity building, networking, and advocacy. By collaborating with Housing Finance Bank, we are taking significant steps toward demystifying the barriers women face in accessing finance and resources.”
This partnership underscores HFB’s commitment to gender equality and economic empowerment, inviting women entrepreneurs to apply for these transformative solutions and join in building a future where women’s contributions are recognized and celebrated.
The European Investment Bank’s €50 million investment in HFB, announced earlier this year, has also reserved at least half of the funds for businesses owned and/or run by women. This investment aims to enhance women’s access to finance, promoting economic growth and development.
The Annual Women in Business Leaders Awards 2024, scheduled for November 2024, will further recognize and celebrate women’s achievements in entrepreneurship and leadership.
With the HFB Woman initiative, Housing Finance Bank and UWEAL are paving the way for women entrepreneurs to access affordable financing, grow their businesses, and contribute to Uganda’s socio-economic transformation.