Financial Management Skills For Youth Agripreneurs in Northern Uganda
From the 14th-16th April, 300 youth agripreneurs from eight sub counties in Lira district, Uganda, came together to benefit from a training in access to finance conducted by experts from Standard Chartered Bank. The highly interactive training equipped them with skills in financial management for business growth and resilience during the COVID-19 pandemic. It also enabled the bank to introduce the agripreneurs to its tailor-made financial services and products available for youth in agribusiness; and created a platform for discussion about effective loan management for better investment.
For the young agripreneurs, all aged between 18 and 35 years, the training was eye-opening regarding the opportunities for growth and success that come with better financial management in their businesses.
Vicky Alum, an agro-produce seller from Adekokwok sub county: “During COVID my business collapsed yet others were working. Through this training, I now understand that it is important to set financial goals for my business for me to stay focused on making it succeed.”
Nancy Akello, a rice grower from Ngetta sub county: “The training helped me to understand the different stages of budgeting and that following a budget when doing business will help identify key items needed, avoid over expenditures and making unnecessary losses in my small business.”
Johnson Ayo, a tomato farmer from Amach sub county: “Now I know what is required for me to be eligible for a loan, and how to differentiate between a good loan and a bad loan. I also know that I must have a plan for paying back the loan before I borrow”.
The COVID Youth Agribusiness Recovery project is a one-year partnership implemented by ICCO (Part of Cordaid) in Uganda, in partnership with Youth Business International, aimed at supporting the recovery and resilience of 600 youth agro-enterprises in Lira and Nebbi districts that were hit by the negative economic impact of COVID 19. The intervention is funded by the Standard Chartered Foundation as part of Futuremakers, a global initiative to tackle inequality.