Rural Women Entrepreneurs supported with Microloans

Our initiative to support rural women entrepreneurs through micro-loans gave five women from two of our Village Savings and Loan Associations (VSLAs) $300 each to expand their small businesses. Combined with entrepreneurship and financial training, the project will aim to position these rural women entrepreneurs for economic independence and sustainable growth.

One of the beneficiaries in her grocery shop, where she sells a variety of groceries

The journey of women empowerment reached a new milestone, after five rural women from two Village Savings and Loan Associations (VSLAs) gathered for a pivotal one-day training session, the first of its kind for this inaugural cohort of beneficiaries. This training session marked a significant milestone, introducing these women to skills that would help them strengthen their small businesses and grow as entrepreneurs.

Investment in Growth

As part of the follow-up action, five women received their initial loans, each averaging one million Ugandan shillings ($300). These funds, which were raised through our fundraising on GlobalGiving, represent an essential investment in their businesses, allowing them to purchase new supplies, expand inventory, or improve their operations. To ensure they have continued support, the women will receive ongoing mentorship over the next nine months, supplemented by quarterly refresher courses to reinforce the skills they learned.

Building Skills and Confidence for rural Women Entrepreneurs

The day was filled with excitement as women from different VSLAs shared their experiences so far in the program, and were eager to learn. This training session provided the foundation for their entrepreneurial journey, covering essential topics to set them up for success. The women were engaged in active learning and discussions, ensuring they absorbed practical knowledge. They will attend training with sessions covering ten vital areas:

Foundations of Entrepreneurship – Instilling an entrepreneurial mindset and the resilience needed to navigate challenges.
Goal Setting and Vision Planning – Helping them set clear, actionable goals for their businesses.
Market Research Basics – Teaching the women to identify customer needs and understand the competition.
Personal and Business Budgeting – Providing guidance on separating personal and business finances.
Savings and Cash Flow Management – Focusing on practical ways to save and manage income effectively.
Record-Keeping and Inventory Basics – Simple methods for tracking finances and inventory.
Business Management and Leadership – Leadership skills to manage business growth and build confidence.
Customer Service and Sales Skills – Essentials of product presentation and engaging customers.
Pricing and Profit Margins – Calculating costs, setting prices, and maintaining profitable margins.
Networking and Building Support Systems – Encouraging women to create support systems through community networks.

During the next three months, our team of mentors will make several visits to each of the entrepreneurs to monitor their progress and support them – in their business settings.

This entrepreneur is showing off some of her fast-selling products during a due diligence site visit

Setting Goals and Tracking Progress

After the training, each woman was encouraged to set personal business goals. These goals will be closely monitored over the nine months, helping track the growth and impact of the training and loan support. Additionally, the women are now recording their business incomes, and expenses, and keeping essential receipts and records to help with planning and financial management.

However, one participant faced an added challenge: she was unable to read or write but was already running a small, successful business. To support her, we are exploring alternative methods for record-keeping, ensuring she can still benefit fully from the program.

Expanding Impact in rural Women Entrepreneurs

With this first cohort now on its way to building stronger, more resilient businesses, we are preparing for the next cycle of beneficiaries. Each woman’s progress and experiences from this initial group will help shape the future of the program, making the path smoother for the next wave of rural women entrepreneurs.

This training session marked the beginning of a transformative journey for these women. With their new skills, community support, and financial resources, they are well on their way to creating lasting change in their lives and communities. We look forward to seeing their progress and celebrating their success along the way.