Forty-five business groups in Lira received UGX 195 M under the Northern Uganda Social Action Fund (NUSAF) III Village Revolving Funds – VRF.
These groups were awarded the money through one of the components that comprise of the NUSAF III program particularly the one concerned with supporting livelihood investment for registered members.
UGX 195 M is only part of the larger sum of UGX 544 M that was awarded to Lira with an aim of covering 32 markets in the new city. The markets are further sub-divided into 15 VRFs that inturn have smaller groups.
So far, the groups have received upto UGX 195 million shillings, however, this constitutes only a half of the benefiting they are meant to attain the Northern Uganda Social Action Fund (NUSAF) III program.
Initially, the district was supposed to give 280 million shillings to the business groups in the first batch, this was not possible since a section of 12 groups is still under going training hence they shall receive their portion when they’re ready.
Among the beneficiaries in clude business people dealing in various ventures such as trading in matooke, clothes, fish and vegetables among other hence the money is given as a boost to their business.
After a span of four month, each of them is expected to refund the money with an expected interest of 5% to they respective Village Revolving Fund Account. Although 7 of the groups that applied are still being trained since they did not meet the requirements.
Basing on the NUSAF desk Officer, Lira District Local Government, George Ayo Ogwal, each group received an amount of money proportionate to the number of smaller groups it has so that they don’t end up having excess money.
Additionally, he said that the reason as to why the groups are expected to return the money after their businesses have improved is so that even generations to come are able to benefit from the same money.
“Their work will be getting the money, doing the business and returning it or paying back, that is all because their money is there for their grand, grandchildren,” said Mr. George Ayo Ogwal while speaking to media.
Archbishop Kazimba urges believers to unite and clear Church house loan
The World Bank Advises Uganda On Steps For Economic Recovery
Airtel Money users to benefit from Airtel Uganda – KCB bank partnership
World Bank says more Ugandans have embraced agriculture due to covid-19
Aside from that, he also went on to express his joy in the fact that women are largely involved in the NUSAF components since part of the provisions of the project indicate that 50% of the beneficiaries ought to be women.
In line with the above, the Lira Resident City Commission Mr. Lawrence Egola urged women to create a business so that they could be included among the beneficiaries of the program. He went on to say that women in most cases perform better than men.