For the past nine years, Siddy Latabu has been trading in fish, supplying silver fish and smoked fish in Kitgum Main Market to sellers in Kitgum and neighboring districts including Pader, Agago, and Lamwo. But it wasn’t until she discovered dfcu Bank’s GROW loan that her business truly grew to new heights.
Before taking out the GROW loan, Siddy was already familiar with dfcu Bank. As a loyal customer, she had just successfully paid off a 10 million UGX loan when her Loan Officer introduced her to the GROW loan; a product tailored for women entrepreneurs. Intrigued by its low-interest rate, Siddy decided to apply for another 10 million UGX.
The impact of the GROW loan was immediate and profound. “With the GROW loan, I now pay 10% less per month than I did with my previous loans for the same amount,” Siddy explains. “The lower repayment makes it much easier to manage, and I no longer have any stress about keeping up with the payments.”
dfcu is also one of the implementing financial partners of the GROW Loan Initiative which is providing funding and business support for woman-owned businesses across Uganda.
GROW (Generating Growth Opportunities for Women) is an initiative of the Government of Uganda, the World Bank, the Ministry of Gender, Labour and Social Development (MoGLSD) and the Private Sector Foundation Uganda (PFSU). It aims to increase access to entrepreneurial services for women entrepreneurs across Uganda.
Armed with the loan, Siddy was able to drastically increase her stock. Where she once could only buy 7 bags of fish, she now stocks 25 bags, thus boosting her revenue by 18 million UGX. This has allowed her to offer flexible payment terms to her buyers, giving them the breathing space to sell their stock before settling their payments. “I no longer have to put my clients under pressure to pay immediately,” she says. “This flexibility has strengthened my relationships with them and improved my customer service.”
The loan’s benefits go beyond numbers. Siddy no longer runs out of stock, ensuring a steady supply for her customers. “Before the loan, I couldn’t meet the demand. Now, I’m always fully stocked, and my customers are happy,” she shares.
However, Siddy acknowledges the challenges many women face in accessing capital. “The main hurdle is security. Many women need loans but don’t have land titles or other assets to offer as collateral,” she notes. For her, using her land title as security was a step toward accessing this life-changing opportunity.
Siddy is keen to share her wisdom with other women entrepreneurs: “Always pay your loans diligently and maintain a good relationship with your loan officer. dfcu Bank is here to support us, and with the GROW loan, there are no hidden charges. GROW loan has changed my life.”
Siddy’s story is an attestation of the transformative power of the GROW loan. Through transformative partnerships, flexible financial solutions and a commitment to supporting women entrepreneurs, dfcu Bank is helping women like Siddy turn their entrepreneurial dreams into thriving businesses.
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