A great opportunity lies before women entrepreneurs in Uganda; one that can unlock significant economic growth and resilience. By investing in women entrepreneurs, and helping them get to the next level, they stand poised to generate great gains.
During Day two of the Uganda Innovation Week 2022, NSSF and partners revealed that they have earmarked Ushs 7.6 billion in seed funding to 100 indigenous women-owned businesses under the third cohort of their NSSF Hi-innovator program, an innovation initiative.
Speaking at the launch of the Fund's 3rd funding round for NSSF Hi-Innovator dubbed NSSF Hi-Innovator Women Accelerator, Patrick Ayota, the NSSF deputy managing director said that the funding is aimed at giving women-led enterprises to improve their business skills and grow their businesses while readying them for future investor funding. He said they would avail Ushs 75 million as seed funding for each women-led business and that “our target is to fund at least 100 businesses in this round.”
During the launch, it was also mentioned that the NSSF Hi-Innovator Women Accelerator is open to all women entrepreneurs in all economic sectors across the country until the end of January 2023.
Some of the criteria are that participating businesses for this program must have over 50% female ownership or have at least 70% women in top management, must be legally operational in Uganda for at least two years, and, employ at least two full-time staff.
Through the NSSF Hi-Innovator Women Accelerator, NSSF and partners aim to support highly impactful and scalable small and growing businesses to access seed capital and technical support for their businesses.
The Hi-Innovator program, initiated by NSSF in partnership with Mastercard Foundation aims to create an environment where indigenous small and growing Businesses can be supported to mature into viable businesses. Leading the implementation of this program is Outbox Uganda.
Since its inception in May 2021, 32 businesses have received seed funding and technical assistance worth over Ushs 4.6 billion through the Hi-Innovator program, helping to sustain and improve over 20,000 work opportunities for young people in Uganda.
To join, interested women entrepreneurs can view details and apply via this link.
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