Women In Business – GROW Project

Empowering Women In Business – dfcu Women in Business (WiB) is more than Banking. We partner with female entrepreneurs to unlock growth for their businesses.

1. What is GROW?

PSFU GROW stands for Generating Growth Opportunities for Women Enterprises. The GROW Project is a Government of Uganda Project funded by the World Bank and jointly implemented by PSFU (GROW Project Team) and the Ministry of Gender, Labour and Social Development. dfcu Bank is Implementing a component of the Project – GROW Financing Facility (GFF) alongside 4 other commercial Banks.

2. What is dfcu’s Role in the GROW Project?

dfcu is one of the 5 Partner Financial Institutions (PFIs). dfcu Bank is offering Loan Products at 10% to Women entrepreneurs across the country through its branches.

3. Which Products is dfcu Bank offering under GROW Project?

dfcu is offering the Baraka Loan Product (outside Kampala), the Business Growth Loan (BGL), the Agricultural Production Loan (APL), Contract Financing (LPO, contracts etc- working capital Loan), and Asset Financing.

Agriculture Production Loan

This facility is targeted at providing working capital for businesses, groups and or individuals engaged in agriculture production to facilitate the acquisition of input supplies, factor inputs, and meeting any other operational costs associated with production, and post-harvest handling.

Requirements

• 
  
  
  
  • dfcu Bank account
  
  
  • National Identification
  
  
  • Proof of cashflows (one-year bank statement)
  
  
  • Collateral (As applicable i.e. land title, land sales agreement)
  
  
  • Proof of business (trading license)
  
  
  • Credit History (CRB report)
  
  
  
  

Features

• 
  
  
  
  • Access from as low as UGX 4 million up to UGX 200m
  
  
  • In UGX currency only
  
  
  • Tenor – 6 Months, Maximum Tenor – 24 Months
  
  
  • Target – Small and Medium-sized enterprises
  
  
  • The facility is secured by bank-acceptable collateral
  
  
  
  

Baraka Loan

This is a short-term facility targeting small and emerging businesses with growth potential but currently have challenges accessing credit due to a lack of collateral.

Requirements

• 
  
  
  
  • dfcu Bank account
  
  
  • National Identification
  
  
  • Proof of cashflows (one-year bank statement)
  
  
  • Collateral (As applicable i.e. land title, land sales agreement)
  
  
  • Proof of business (trading license)
  
  
  • Credit History (CRB report)
  
  
  
  

Features

• 
  
  
  
  • Loan amount Up to UGX 30m
  
  
  • In UGX currency only
  
  
  • Minimum 1 month and up to 12 months tenor
  
  
  • Flexible security requirements including acceptance of kibanja as collateral
  
  
  
  

Business Growth Loan

This is a facility targeted at providing short-term working capital funding for businesses or funds for expansion, working capital and financing core working assets in the business.

Requirements

• 
  
  
  
  • dfcu Bank account
  
  
  • National Identification
  
  
  • Proof of cashflows (one-year bank statement)
  
  
  • Collateral (As applicable i.e. land title, land sales agreement)
  
  
  • Proof of business (trading license)
  
  
  • Credit History (CRB report)
  
  
  
  

Features

• 
  
  
  
  • Access from as low as UGX 4 million up to UGX 200m
  
  
  • In UGX currency only
  
  
  • Up to 24 Months tenor
  
  
  • Target business segment – Small and Medium-sized enterprises
  
  
  • The facility is secured by bank-acceptable collateral
  
  
  • Longer repayment period, allowing them flexibility and affordable instalments
  
  
  
  

Asset Financing

This is a lending offering where a client is financed to acquire an income-generating asset which doubles as collateral. The purchased asset is registered in the name of the borrower. The bank only places its interest on the asset through a chattel mortgage or registered debenture.

Access financing for asset acquisition such as Vehicles, specialized equipment, Agro machinery and equipment, Infrastructure development facilities etc.

Requirements

• 
  
  
  
  • dfcu Bank account
  
  
  • National Identification
  
  
  • Proof of cashflows (one-year bank statement)
  
  
  • Collateral (As applicable i.e. land title, land sales agreement)
  
  
  • Proof of business (trading license)
  
  
  • Credit History (CRB report)
  
  
  
  

Features

• 
  
  
  
  • The maximum amount is based on affordability
  
  
  • Up to 24 months repayment period
  
  
  • Up to 80% financing depending on the type of asset being purchased
  
  
  • Repayment frequency based on business cashflows
  
  
  
  

4. Who can benefit from the GROW Loan?

Female bank Customers with registered businesses who meet the detailed eligibility criteria. However, none bank customer can open accounts and get supported qualify, including support to formalize their businesses.

5. Can I get the Loan from Anywhere?

Yes, the GROW Loans are available at all dfcu Bank Branches, you can reach out to the nearest to you.

6. How do I access it?

Yes, the GROW Loans are available at all dfcu Bank Branches, you can reach out to the nearest to you.

7. How Long is the loan?

The Maximum Loan tenure is 2 years.

8. How much can be extended under the GROW Loan?

A minimum of 4 million up to 200 Million Uganda Shillings.

9. Do I need a collateral?

For some Loan products, security will be required, your bank officer will further guide depending on the amount among other considerations.

10. How can I get support to formalise?

Get in touch with any officer at your nearest branch, any of these will share with you the GROW District Liaison to support you in registering your business. You can also reach out to the dfcu Foundation (ADC) advisor to guide you on the formalisation process.

11. Is it for only females’ businesses? If a female has a joint business with their spouse, do they qualify?

A joint Business can qualify as long as the woman in the business holds the majority stake/ shareholding.

12. What if I have exhausted my debt service ratio, do I still qualify for this loan?

Qualification for the loan is based on the ability of the customer to repay the loan. All Eligible customers need to have a sufficient cashflow/ debt service ratio.

13. Does one have to be a dfcu customer? and for how long should they have been with us to qualify?

To qualify for this loan, a customer needs to have banked with dfcu for a minimum of 6 months.

14. For how long is this project or campaign going to run?

The GROW Project is set to run for 2 years with a possibility of extension depending on the performance of the bank on on-lending the funds to Women Enterprises.

15. What are the requirements to qualify for this loan? (Age, shares owned in the business etc.)

The GROW Project is set to run for 2 years with a possibility of extension depending on the performance of the bank on on-lending the funds to Women Enterprises.

16. Are buy-offs allowed and top-ups allowed?

Buy-offs or Re-financing is not part of the scope of this Loan initiative and thus not allowed. Top-ups for clients who qualify (with ample cashflows) are permissible as long as the repayment doesn’t exceed the 2-year window of this Loan Initiative/ Project.

17. Do start-ups qualify for this loan?

Start-ups that meet the eligibility criteria and have the cashflows to repay the loans can qualify for this loan.

18. What fees are associated with acquiring this loan?

The Loan is being extended at Zero Arrangement fees.

More Information & Details
For more details, please visit any of our branches countrywide.
Send an email to Womeninbusiness@dfcugroup.com
WhatsApp 0776 760760 or call 0800 222 000 toll-free.

Download Project Brochure
Download the dfcu Women In Business – GROW Project brochures.
Click here to download.