Pride Bank has introduced a new loan product in Soroti City aimed at expanding access to affordable credit for small businesses, women entrepreneurs, and youth-led enterprises in the Teso sub-region.
The GROW Loan, launched on May 21, is part of the bank’s wider plan to promote financial inclusion and support business growth beyond major urban centres like Kampala. The facility is designed to respond to common challenges faced by small and medium enterprises (SMEs), including limited access to affordable financing, strict collateral requirements, and rigid loan structures.
Speaking at the launch, Managing Director Veronica Namagembe said the initiative reflects the bank’s commitment to bringing financial services closer to underserved communities.
“The launch of the GROW Loan in Soroti shows our commitment to reaching more Ugandans. We are not just giving out loans; we are supporting businesses, families, and the future of this region,” she said.
Namagembe explained that the product is designed to be flexible and accessible, allowing entrepreneurs at different stages of growth to access funding. The loan can be used for working capital, business expansion, equipment purchase, and strengthening operations.
The launch comes at a time when SMEs are increasingly recognised as a key driver of Uganda’s economy. Despite contributing significantly to employment and household incomes, many small businesses still struggle to access formal financing, especially in regions outside central Uganda.
Pride Bank said Soroti and the wider Teso sub-region were selected due to their growing economic activity in sectors such as agriculture, trade, transport, and agro-processing. The bank believes the area holds strong potential for enterprise growth if supported with the right financial tools.
The GROW Loan also places special focus on women and youth, who often face greater challenges in accessing credit despite playing an important role in economic development. By targeting these groups, the bank aims to promote inclusive growth and widen participation in business.
Speaking on behalf of the board, Paul Atwine said the initiative aligns with the institution’s broader strategy of supporting entrepreneurship and economic empowerment.
He noted that many entrepreneurs have viable business ideas but lack the capital needed to grow, making access to reliable financing a critical need. The GROW Loan, he said, is intended to bridge this gap and help businesses remain competitive.
Bank officials also highlighted the importance of financial literacy, noting that access to credit must go hand in hand with proper financial management. They said Pride Bank will continue to support customers with guidance and training to ensure sustainable business growth.
With this launch, Pride Bank joins other financial institutions in extending services to underserved regions, as competition grows to reach new markets and support Uganda’s expanding base of small businesses.
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