By Ritah Kemigisa
The Bank of Uganda has today launched a country-wide awareness campaign for the Small Business Recovery Fund (SBRF) meant to help breathe life into SMEs that were affected by the Covid-19 pandemic.
Speaking at the launch in Kampala this morning, Rosette Bamwine, the Head of Credit Analysis and Publicity at the Central Bank said the government has injected Shs 100bn into the Fund while participating financial institutions are to contribute Shs 100bn.
She however decried the slow uptake of the Fund by financial institutions saying only 3 banks have so far submitted 55 applications, 5 of which have been approved while 13 are still pending.
She cited ineligible applications as one of the major challenges faced so far.
Speaking at the same workshop, various players in the banking sector blamed the apparent lack of interest in the fund on some of the stringent eligibility criteria and the lengthy turn-around time for approval.
In response, Babwine promised to forward the proposals made by financial institutions to the ministry of finance for consideration.
