The Microfinance Support Centre has informed that private teachers will also benefit from the newly introduced Emyooga presidential initiative on wealth and job creation.
Speaking at the launch of the Emyooga presidential initiative on job and wealth creation in Kamwenge district on Wednesday, Alfred Eboku Ejanu, the head of Credit and Operations at the Microfinance Support Centre said President Museveni directed that private teachers be added onto the program to make the 19th cluster of beneficiaries.
On Tuesday, the National Private Educational Institutions Association (NPEIA) asked government to bail out private teachers who have been affected by the Coronavirus pandemic through their various associations or the apex SACCOS.
A SACCO (Savings and Credit Cooperative Organizations). It is owned, governed and managed by its members who have the same common bond: they may be working for the same employer, belonging to the same church, labour union, social fraternity or living/working in the same community.
However, Eboku said that the private teachers will only be assisted in form of seed capital through their SACCOS at constituency level that culminate out of associations formed at the parishes.
Eboku explained that this is meant to ensure that no private teacher misses out.
The Microfinance Support Centre official noted that unlike other saccos under the program, each sacco at the constituency level for private teachers will receive shs60 million as seed capital.
He however insisted that the private teachers ought to first have some savings before they can get seed capital.
Eboku advised the private teachers and all other members of the public to make use of the various loan programs that the Microfinance Support Centre has at affordable interest rates and terms.