Gulu market vendors get sh70m loan
Jul 19, 2011
Gulu market vendors have received a sh70.6m revolving fund to boost their businesses. The money, which was handed over to the vendors on Friday by micro-finance state minister Caroline Okao, was pledged by the President during the last presidential campaigns.
By Chris Ocowun
Gulu market vendors have received a sh70.6m revolving fund to boost their businesses. The money, which was handed over to the vendors on Friday by micro-finance state minister Caroline Okao, was pledged by the President during the last presidential campaigns.
Over 5,000 vendors from Gulu Main, Owino and Gulu Modern markets in Bardege division, will benefit from fund.
The chairman of the Gulu Main Market Vendors’ Association, Geoffrey Opio, said the 2,600-member association got sh50.6m.
Members will access the money at a 3% interest rate per annum. Gulu Owino Market vendors got sh16m, while sh4m was given to Gulu Modern Market vendors. “We have already given out loans worth sh26m to 30 vendors,†he said.
Opio appealed to the vendors to use the loans properly and to avoid defaulting on repayments, saying this would ensure that all members benefit.
He also advised vendors to trade in items that are on demand to able to pay back the loans.
Gulu market vendors have received a sh70.6m revolving fund to boost their businesses. The money, which was handed over to the vendors on Friday by micro-finance state minister Caroline Okao, was pledged by the President during the last presidential campaigns.
Over 5,000 vendors from Gulu Main, Owino and Gulu Modern markets in Bardege division, will benefit from fund.
The chairman of the Gulu Main Market Vendors’ Association, Geoffrey Opio, said the 2,600-member association got sh50.6m.
Members will access the money at a 3% interest rate per annum. Gulu Owino Market vendors got sh16m, while sh4m was given to Gulu Modern Market vendors. “We have already given out loans worth sh26m to 30 vendors,†he said.
Opio appealed to the vendors to use the loans properly and to avoid defaulting on repayments, saying this would ensure that all members benefit.
He also advised vendors to trade in items that are on demand to able to pay back the loans.