Pride Bank has intensified efforts to promote grassroots economic transformation following the launch of its new GROW Loan product in Soroti, targeting small businesses, women entrepreneurs, youth-led enterprises, and emerging traders seeking affordable financing.
The launch, held in Soroti City, underscores the bank’s strategy to deepen financial inclusion and support enterprise development in underserved regions across Uganda.
Bank officials said the GROW Loan was developed in response to persistent challenges faced by entrepreneurs, including limited access to affordable credit, high collateral demands, and financial products that fail to meet the realities of growing businesses.
Speaking at the launch, Managing Director Veronica Namagembe said access to financial services remains a critical tool for unlocking economic opportunity and improving livelihoods.
“We recognize that financial services are not an end in themselves, but a tool that can unlock dignity, opportunity, and prosperity when placed in the hands of hardworking entrepreneurs and families,” she said.
Namagembe explained that the loan facility is designed to support businesses at different stages of growth by providing accessible financing for working capital, expansion, equipment acquisition, and operational improvement.
She emphasized the important role played by small and medium enterprises (SMEs) in Uganda’s economy, noting that they contribute significantly to job creation, household incomes, innovation, and national development.
“By investing in SMEs, we are investing in the future of our economy and the prosperity of our communities,” she added.
Board representative Joshua Atwine said the institution remains committed to ensuring that its financial products directly address community needs and deliver measurable social and economic impact.
“As a Board, we are proud to support initiatives like the GROW Loan because they are aligned with the real challenges and opportunities faced by our customers every day,” Atwine said.
He noted that women and youth entrepreneurs remain central to the bank’s financial inclusion agenda due to their growing contribution to innovation and employment creation despite continued financing barriers.
Atwine also identified the Teso sub-region as an important economic hub with strong potential in agriculture, trade, transport, agro-processing, and small-scale enterprise development.
Pride Bank officials said the institution will continue strengthening financial literacy and customer support programmes to ensure borrowers use the loans responsibly and sustainably.
The launch of the GROW Loan forms part of Pride Bank’s broader expansion strategy aimed at supporting inclusive economic growth and strengthening community-based enterprise development across the country.
