Uganda Government Announces the Economic Stimulus Package
The Government of Uganda has announced the economic stimulus package to be implemented during FY 2021 in the medium term to boost economic growth and lead the economy out of the projected economic slowdown.
To accelerate socio-economic development through sustainable financial interventions in line with Uganda’s development priorities, Uganda Development Bank Ltd plans to disburse UGX 612 billion.
MEDIUM AND LARGE BUSINESSES Uganda Development Bank (UDB)
Goal: To accelerate socio-economic development through sustainable financial interventions in line with Uganda’s development priorities.
UDB plans to disburse UGX 612 billion i.e. between Jan and Dec 2022.
- Minimum loan size is UGX 50 million (for SMEs and Youth)
- while maximum is UGX 10 million dollars (UGX 36bn).
Ugandan private seeking to expand contribution of sector, registered in The promoter of the between 10% and Uganda, operating in the priority sectors of manufacturing, commercial Agric, agro – industry, tourism, education, health and infrastructure (Including ICT)
Can be a startup or existing business seeking to expand
The promoter of the enterprise must be of credible reputation and full compliance with all statutory requirements (tax, NSSF and environmental obligations tec,) its a must.
Owners equity contribution of between 10 percent and 60 percent may be required depending on project specifics and the bank product offered.
Collateral is required to cover the default risk. Loans are secured using any form of acceptable collateral .In order for Medium and Large Businesses to access the stimulus package from Uganda Development Bank Ltd, a Registration Record, e.g. a proprietorship deed or Certificate of Registration & articles of association, etc will be required.