Pride Bank Launches GROW Loan in Soroti

Soroti– Pride Bank has officially launched the GROW Loan in Soroti, a strategic financing product aimed at expanding access to affordable credit for small businesses, entrepreneurs, women-led enterprises, and youth-owned ventures in the region.

The launch marks a significant milestone in the bank’s continued commitment to promoting financial inclusion and supporting grassroots economic development across Uganda. The GROW Loan is expected to empower individuals and enterprises through flexible financing solutions tailored to meet the realities of growing businesses, enabling them to expand operations, improve productivity, and create employment opportunities.
Speaking during the launch, Pride Bank Managing Director Veronica Namagembe described the initiative as more than just the introduction of a new financial product.
“This has not been just a product launch; it is a reaffirmation of our commitment to empowering Ugandans, strengthening businesses, and contributing meaningfully to the economic development of communities,” Namagembe said.
She emphasized that the institution continues to reflect on the impact it has on the lives of the people it serves, noting that access to financial services is a key driver of opportunity and prosperity.
“As an institution, we recognize that access to financial services is not an end in itself, but a powerful tool that can unlock opportunity, dignity, and prosperity when placed in the hands of hardworking entrepreneurs and families,” she added.
Namagembe further explained that the GROW Loan was developed in response to concerns repeatedly raised by customers across the country regarding limited access to affordable financing, high collateral requirements, and products that do not adequately address the needs of growing enterprises.
During the event, Pride Bank officials also reaffirmed the institution’s broader strategic focus on deepening financial inclusion and supporting regional economic development.
Joseph Feta, Head of Business at Pride Bank, said the institution views the GROW Loan as a key driver of economic empowerment.
“We fully endorse the GROW Loan initiative as a strategic enabler of economic empowerment. Our focus is to ensure that every expansion we make translates into real, measurable impact in the communities we serve,” Feta noted.
He also highlighted the strategic importance of the Teso sub-region within Uganda’s broader economic development agenda.
“Soroti and its surrounding areas have demonstrated strong entrepreneurial energy, particularly in agriculture, trade, and small-scale enterprise development. Supporting this region is not only important for local growth but also for national economic transformation,” he said.
Feta further explained that the loan product was designed with customers in mind and seeks to address financing gaps that continue to affect small and growing businesses.
The launch of the GROW Loan reinforces Pride Bank’s commitment to creating inclusive financial solutions that support entrepreneurship and drive sustainable economic growth across the country.