Out of the Office, into the Compound07.20.2012
Empowerment Through Loans
Thursday was an important day for the women of Krochet Kids Uganda. The compound was filled with singing, dancing, great food and a lot of laughter as we celebrated the official launch of the SACCO (savings and credit cooperative.)
The SACCO is run entirely by the ladies and functions as a bank. The women can deposit and withdraw their money and also take out loans, which gives the women not only a safe place to save their money without high membership fees, but also gives them accessibility to low interest loans which are almost unheard of in Gulu. Most banks in Gulu have interest rates between 36 and 40 percent, while the SACCO lends with a 2 percent interest rate. This is huge for these women because it allows them to take on larger endeavors and investments like building houses and starting businesses.
Many important government officials including the Gulu District Council Speaker, Douglas Peter Okello, the Gulu District woman representative, Santa Oketa, the regional manager of Cooperatives Union, Opio Bangi and Tony Okaya, the chairman of the Bardege Division of Gulu as well as reporters from the local newspaper and local radio station were in attendance.
Thanks to everyone who Attended and celebrated with us!