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Establish a seed fund for rural women entrepreneurs in Uganda

Requested by

Synergy Uganda

Who are you trying to help? What issue are you trying to address?

We are an organization that has helped to start village savings banks (over 17) among rural women in villages throughout Eastern Uganda. Each week, the women get together to add a small amount of money that they have saved to a combined fund. Women can then take loans from the savings bank and pay them back within 3 months with minimal interest. All of the interest collected from the loans given out is divided up among the bank members at the end of the year, proportionally to what they have saved, in the form of dividends. The savings banks allowed many women to start small businesses with the money they were able to take out from the loans but they are now finding that they need more funds than the savings bank can offer them in order to grow their business to the next level. It is our hope that we can establish a seed fund from which they can take out larger amounts of money in order to scale their business to the next level but with similar small interest amounts that allow them to be successful in paying back the loans.

What is your project and how will it help?

Our project consists of developing a seed fund from which our participating women entrepreneurs can borrow a meaningful amount of money with minimal and realistic interest amounts so that they can grow their business and be able to feed their families and send their children to school. Because of the limitations of the current loan options they have available to them, they are unable to get their business to a sustainable level. By having access to large enough amounts of money to borrow, they will be able to build on the businesses they have started as a result of being part of the village savings group.

How can other people partner with you on your project?

We are looking for partners that can help us in obtaining the funding we need to offer useful funding opportunities to rural and deserving women who work incredibly hard and struggle to adequately provide for their families and educate their children.

Please detail the resources that you need.

We needing approximately $30,000 to be able to offer meaningful loan amounts with reasonable interest payments (which will go back into the fund) to all of our participating rural women entrepreneurs who need applicable funding options that match their circumstances.

Further information


Contact details

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Categorisations

Partnership types

Doing business with the poor; Project funding

Regions / countries / territories

Africa: Uganda

Global issues

Community development; Job creation and enterprise development; Gender issues

Responses

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