Housing Finance Bank launches "HFB Woman" initiative for women entrepreneurs

Housing Finance Bank has launched the "HFB Woman" initiative to empower women entrepreneurs by providing affordable financing solutions.

This initiative, developed in partnership with the Uganda Women Entrepreneurs Association Limited (UWEAL), aims to enhance access to loans for women-owned businesses across Uganda. By doing so, Housing Finance Bank is taking significant steps toward reducing gender inequalities and fostering economic development in the country.

The announcement was made today, during an event that also unveiled the Annual Women in Business Leaders Awards 2024, scheduled for November. This initiative aligns with Uganda Vision 2040, which emphasizes the importance of gender inclusion and creating better opportunities for women to drive socio-economic transformation.

Earlier this year, Housing Finance Bank partnered with the European Investment Bank to secure a €50 million investment focused on supporting private sector entities, particularly small and medium-sized enterprises (SMEs) in Uganda. Importantly, at least half of these funds are reserved for businesses owned and/or run by women, highlighting the bank’s commitment to gender-focused financial solutions.

Despite representing over 48% of Uganda’s workforce, women face significant barriers in accessing financing, receiving only about 30% of available credit, according to the World Bank. Closing the gender gap in labor force participation could potentially boost Uganda’s GDP by up to 8%.

The "HFB Woman" initiative is tailored for registered micro and small enterprises owned by women, focusing on those in trade, services, or production. Eligible organizations must have at least 60% female ownership and cater to women aged 18 to 68 years. Loan amounts range from sh10m to sh50m, with repayment periods of up to three years. For agricultural ventures, a six-month grace period and complimentary advisory services will be provided.

“Empowering women economically has a ripple effect that benefits families and communities,” said Peace K. Ayebazibwe, Executive Director of Housing Finance Bank.

“When women thrive, our nation moves forward. Today, we are not just launching a product; we are planting seeds for community growth across Uganda.”

Connie Kekihembo, CEO of UWEAL, emphasized the importance of this partnership, stating, “The HFB Woman initiative aligns perfectly with our mission to empower women entrepreneurs through capacity building, networking, and advocacy. By collaborating with Housing Finance Bank, we are helping to break down the barriers women face in accessing finance and resources.”

This partnership underlines Housing Finance Bank’s dedication to gender equality and economic empowerment. Women entrepreneurs are encouraged to apply for this transformative financing solution, paving the way for a future where their contributions are recognized and celebrated.