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Group loans are a unique financial service for low-income entrepreneurs. To obtain such a loan, the applicants should form a Group of at least 3 individuals. These individuals should share evidence that they run income-generating businesses. Each of these businesses must be active for at least 3 months. Group members guarantee each other’s loan repayment, which is why collateral is not necessary for amounts up to UGX. 10M at 10% per month.
What to bring when you apply
Red Oak Group Limited was established in 2008 by a group of 8 members. Membership has since grown to 16 comprising leading women representing a diverse range of professions and sectors in Uganda and globally.