- 291 Businesses to benefit from program across Uganda.
- UDB launches the Incubation program to prepare enterprises to become investor ready.
Image: UDB BANK
Uganda Development Bank (UDB) has launched the Incubator Program under Enterprise Development Product (EDP).
The program is designed to prepare enterprises to become investor-ready. The nine-month program will train an inaugural cohort of 291 enterprises across the country on management best practices, debt management, good governance, record keeping, and financial management among others.
The program shall be implemented alongside the Bank’s partners including the Uganda Registration Services Bureau (URSB), Uganda National Bureau Of Standards (UNBS), Uganda Revenue Authority (URA), Uganda Investments Authority (UIA), National Social Security Fund (NSSF) and Uganda Women Entrepreneurs’ Association Limited (UWEAL).
Speaking at the launch, Allan Joshua Mwesigwa, director of strategy and corporate affairs at UDB bank who represented the Managing Director of Uganda Development Bank Ms Patricia Ojangole, said that the Incubation Program is an initiative that will provide capacity-building training and offer technical support to develop and implement the required processes in the businesses.
Image: UDB BANK
According to him, The objective is to have professionally run businesses that survive the test of time, and that are investor-ready.
“SMEs constitute 90% of the private sector and contribute 80% of all manufacturing output, providing 2.5 million jobs. However, only 30% of them survive beyond their third year of operations. Business sustainability is a major problem among Ugandan SMEs, and as a bank, we recognize these issues and are making deliberate efforts to intervene and build sustainable businesses. This is in line with our mandate of improving the quality of lives of Ugandans.” He said.
During the media briefing, Babara Kasekende, Head of Business Advisory at the bank, highlighted how this program is the heartbeat of the bank. She explained that the EDP was created to bridge the gaps between SMEs and access to finance.
“This program is aimed at increasing our footprint and impact on Ugandan businesses across the country through Business development services. Handholding entrepreneurs develop the knowledge and skills necessary to grow and sustain their businesses,” she noted.
The incubator program will have a hybrid approach that will be implemented by UDB and Makerere Business School Entrepreneurship Innovation and Incubation Center (MUBS EIIC) for a period of 3 to 9 months.
The program will offer training with a customized curriculum designed for Ugandan businesses. The curriculum was created based on the feedback and findings from the first cohort and has been improved to cater to the specific needs of the enterprises and the environment in which they operate.