Only 7% of businesses borrowed from SME recovery fund in one year
The 100bn shillings credit facility or the small and medium enterprises recovery fund, introduced by the government at the height of the C19 pandemic, is yet to have an effect on businesses, as intended beneficiaries have largely stayed away. The administrator of the funds, the Bank of Uganda believes a change in conditions may attract more small borrowers.
On top of the 100 billion shillings committed by the government, was an additional 100bn shillings from participating financial institutions to form a consortium pool of UGX 200 billion. Rachel Nabisubi has more.