Uganda: SMEs urged to access credit through new $207m fund
Small businesses can apply for a grant at the African Enterprise Challenge Fund.The Alliance for a Green Revolution in Africa (AGRA), who manages the African Enterprise Challenge Fund, called on Ugandan small and medium-sized
(SMEs) to access funding through this $207 million (€190
SMEs can apply for grants through this initiative, said Anne Mbaabu, the director of market access program at AGRA. She told New Vision the fund is aimed at creating change through improved service delivery like provision of quality seed for farming communities.
"AGRA has for long supported the Ugandan agriculture sector. This time, we want the SMEs that provide services to the communities to be boosted. This is why we are introducing the Challenge Fund which we hope should go a long way in changing livelihoods."
The fund comes from multilateral and bilateral donors interested in stimulating private sector entrepreneurs in Africa, particularly in rural areas.
It awards grants and repayable grants to private sector companies to support innovative business ideas in agriculture, agribusiness, and renewable energy, adaptation to climate change and access to information and financial services.