HomeBUSINESSThe long-awaited Disbursement of Emyooga Funds Released.

The long-awaited Disbursement of Emyooga Funds Released.

By Jimmy Twist

 KAMPALA 

The Minister of State for Microfinance, Haruna Kasolo Kyeyune released the disbursement of the sh150b so far received from the ministry of finance that will start with groups that have undergone training and have bank accounts.

The total budget for the program is sh260b, but so far, the finance ministry has released sh150b through the Micro Finance Support Centre, the disbursing agency.

According to the minister, they are currently 400 SACCOS that have registered for the Emyooga funds. Asked why Kampala and Wakiso were given special treatment, Kasolo said “Kampala and wakiso districts are the heart of Uganda.”

The President of Uganda launched Emyooga, a poverty eradication program that is part of the government’s strategy to transform 68% of Ugandan homesteads from subsistence farming to market-oriented production. The Finance Ministry initially allocated UGX 140 billion seed capital to support youth and women entrepreneurs under the program, and the government has now finalized its allocation to the entire program in the amount of UGX 260 billion.

The money is to be used as a revolving fund to boost entrepreneurs organized in SACCOS spanning 18 categories of Ugandans involved in similar business activities including women entrepreneurs, carpenters, boda bodas, salon operators, taxi operators, restaurant owners, welders, market vendors, youth leaders, Persons with Disabilities (PWDs), produce dealers, mechanics, tailors, journalists, performing artists, veterans, fishermen, and elected leaders. Each SACCO will be required to have a minimum of 30 members to commence.

How to benefit from the startup capital of the program

  • First, ensure that you are engaged in one of the 18 enterprises targeted (above) in this program, then contact your LC1 leader for subscription to a parish association in line with your area of specialization. Ensure that the group you are subscribed to is registered by the District Community Development Officer.
  • Each parish association should have between 7 and 30 members enlisted for a particular specialized enterprise. Should the number exceed 30, another group of the same specialized enterprise shall be formed.
  • All economically active Ugandans aged 18 and above can benefit from this initiative. However, members under the youth category should not exceed 35 years of age
  • Each member of a group will pay membership and subscription fees as agreed upon by the group. Both membership and annual subscription fees payable by each parish association to the constituency SACCO shall not exceed UGX.20, 000/-.

Each member group is eligible to receive 30 million UGX seed capital under the program. The Emyooga initiative is financed by the Ministry of Finance, Planning and Economic Development through the Department of Microfinance. The Microfinance Support Centre Ltd (MSC) is responsible for the planning, management, budgeting, reporting, and accountability of all funds disbursed for the program, including disbursements to the groups.

District Task Forces are charged with mobilizing communities to participate in the program. The identification of individuals subscribing to a given category or enterprise will be done at the village level with support from the LC 1 leadership.

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