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Soroti, Uganda | THE INDEPENDENT | Pride Bank has launched a new financing product in Soroti aimed at expanding access to affordable credit for small businesses, women entrepreneurs, and youth-led enterprises, as financial institutions intensify efforts to tap into underserved markets outside Kampala.
The GROW Loan, unveiled on May 21 in Soroti City, forms part of the bank’s broader strategy to strengthen financial inclusion and support grassroots enterprise development across Uganda.
Bank officials said the facility is intended to address persistent financing challenges faced by small and medium enterprises, particularly limited access to affordable credit, rigid collateral requirements, and financial products that often fail to match the realities of growing businesses.
Speaking during the launch, Pride Bank Managing Director Veronica Namagembe said the initiative reflects the institution’s focus on expanding access to financial services beyond major urban centres.
“The launch of the GROW Loan in Soroti reflects our unwavering commitment to bring financial services closer to the people. We are not just financing businesses; we are investing in dreams, families, and the future of this region,” the Managing Director said.
Namagembe described the product as a response to concerns repeatedly raised by entrepreneurs struggling to secure financing that is both accessible and flexible.
“Many entrepreneurs face challenges related to limited access to affordable credit, high collateral requirements, and financial products that do not adequately reflect the realities of growing businesses,” she said.
“Through the GROW Loan, we are addressing these challenges by providing a more accessible, flexible, and responsive financing solution. This product is designed to support entrepreneurs at different stages of growth, enabling them to invest in working capital, expand operations, acquire equipment, and strengthen their business capacity.”
The launch comes amid growing recognition of the role small and medium enterprises play in Uganda’s economy. SMEs account for a significant share of employment and household incomes but continue to face major barriers in accessing formal financing.
Financial inclusion advocates have long argued that limited access to affordable credit remains one of the biggest obstacles to enterprise growth, especially in regions outside central Uganda where formal banking penetration remains relatively low.
Pride Bank officials said Soroti and the wider Teso sub-region were deliberately selected because of the area’s growing entrepreneurial activity in agriculture, trade, transport, services, and agro-processing.
“The Teso sub-region continues to demonstrate remarkable resilience and entrepreneurial energy across sectors such as agriculture, trade, services, transport, and agro-processing. We are proud to stand with the people of this region as we work together to unlock this potential,” Namagembe said.
The bank also indicated that the loan product is intended to target women and youth entrepreneurs, groups that financial institutions and development agencies say often face disproportionate barriers in accessing capital despite their growing role in enterprise development.
“We also recognize the critical role played by women and youth in driving economic growth. These groups represent some of the most dynamic and innovative segments of our economy, yet they often face the greatest barriers in accessing finance. Through initiatives like the GROW Loan, we are intentionally working to close that gap and promote inclusive participation in economic development,” Namagembe added.
Speaking on behalf of the board, Paul Atwine said the initiative aligns with the institution’s broader governance and strategic objectives around inclusive growth and economic empowerment.
“We recognize that access to affordable and reliable financing remains one of the most significant barriers facing entrepreneurs and small business owners today. Many individuals have strong business ideas, valuable skills, and the determination to succeed, but they are constrained by limited capital and restricted access to formal credit,” Atwine said.
“It is for this reason that the GROW Loan has been designed. This facility is intended to bridge that financing gap by providing accessible, structured, and reliable funding that enables businesses to invest, grow, and remain competitive in an evolving market environment.”
Atwine added that the board views regions such as Teso as strategically important to Uganda’s economic transformation agenda.
“Supporting this region is therefore not only important for local growth but also for national economic transformation,” he said.
Officials also emphasized responsible borrowing and financial literacy as critical components of sustainable enterprise growth, noting that access to credit alone is insufficient without proper financial planning and business management support.
“At Pride, we remain committed not only to providing financial solutions, but also to strengthening financial literacy, business capacity, and customer support. We understand that access to credit must be accompanied by the right knowledge and guidance to ensure that businesses grow sustainably and responsibly,” Namagembe said.
