Women’s Bank: 10k set to apply to for loans

AN estimated 10 000 women have started preparations to submit applications for loans from the newly-established Women’s Bank that is expected to transform lives of previously marginalised women, mainly in rural communities.

Provincial Development Officer in the Ministry of Women Affairs, Gender and Community Development, Mr Joseph Mupinga last week said a one-day seminar to be held soon will seek to equip female entrepreneurs with skills to easily access loans from the Women’s Bank. Mr Mupinga said about 10 000 women entrepreneurs in the province had submitted various business proposals that required funding from Government.

“We expect a high-powered delegation from the new Women’s Bank to address 159 women registered in the province by the Ministry as Savings and Credit Cooperatives (SACCOs) and 10 500 who registered as Internal Savings and Lending Schemes (ISALS) at the seminar,” he said.

The address will mainly focus on how to access business loans from the new bank. ISALS are just small groups of entrepreneurs contributing an agreed amount to the group fund and members are allowed to borrow the money for income generating projects. SACCOs are much bigger cooperatives that also assist members with loans. Mr Mupinga applauded the Women’s Bank for bringing financial inclusion to previously marginalised women.