Pride Bank has launched GROW Project Financing Solution in Soroti City as part of efforts to deepen financial inclusion and expand access to affordable credit for small businesses, farmers, and entrepreneurs in Eastern Uganda.
The new loan product was unveiled during an event attended by local leaders, business owners, community representatives, and financial sector stakeholders, with bank officials describing it as a targeted solution designed to support enterprise growth and improve livelihoods.
According to Pride Bank, the Grow Loan is aimed at empowering underserved communities, particularly small and medium enterprises (SMEs), women entrepreneurs, youth-led businesses, and agricultural value chain players who often struggle to access formal financing.
Bank officials said the initiative aligns with the institution’s broader mission of promoting inclusive banking services and bringing more Ugandans into the formal financial system.
The launch in Soroti highlights the increasing focus financial institutions are placing on regional economic empowerment beyond Kampala and major urban centers. Eastern Uganda remains one of the country’s key agricultural and trade hubs, with growing demand for accessible financing among farmers, traders, SACCOs, and small-scale entrepreneurs.
Speaking during the launch, officials emphasized that access to credit remains one of the biggest barriers limiting business expansion for many Ugandans operating in the informal and SME sectors.
They noted that many small businesses possess growth potential but often lack collateral, financial records, or formal banking relationships required by traditional lending structures.
The Grow Loan, according to Pride Bank, is intended to provide flexible and practical financing solutions tailored to the realities of local businesses and emerging entrepreneurs.
The bank also reaffirmed its commitment to supporting government efforts aimed at improving household incomes, promoting entrepreneurship, and accelerating financial inclusion across the country.
Uganda has in recent years experienced significant growth in digital and community-based financial services, with banks and microfinance institutions increasingly developing products targeting previously underserved populations.
Industry analysts say expanding access to affordable credit remains critical for Uganda’s economic growth, especially within sectors such as agriculture, retail trade, and small-scale manufacturing, which employ a large portion of the population.
The launch also comes at a time when financial institutions are intensifying competition for customers in regional markets through customized lending products, agency banking, mobile money integration, and digital financial services.
Pride Bank recently transitioned from Pride Microfinance to a fully licensed banking institution, marking a major milestone in its evolution within Uganda’s financial sector.
Officials say the new Grow Loan product reflects the bank’s continued focus on building inclusive financial solutions capable of supporting grassroots economic transformation.
Local business owners and entrepreneurs who attended the launch welcomed the initiative, saying improved access to financing could help expand businesses, create jobs, and strengthen household incomes in the region.