SMEs in the Green Sector receive boost from UGEFA
Green businesses in Uganda have been urged to apply to an accelerator programme that offers free finance-focused workshops and discounted loans to help them scale up with a vision to accelerate Uganda’s economy by 10% growth within two decades.
In a statement, Ugandan Green Enterprise Finance Accelerator (UGEFA) said it is looking to help high-potential small and medium-sized enterprises that specialise in eco-tourism, clean energy, sustainable transport, waste management and green manufacturing, including agro-processing, turning raw crops in finished products like textiles and dried fruit.
"Applications to join UGEFA’s accelerator programme opens today [October 6] and will close on 30 November," the statement read in part.
UGEFA said successful applicants will receive customised business development support from expert advisors.
"After graduating from the UGEFA programme, enterprises are matched with banking partners. If they prove to be investible they are provided loans, 33% of which is covered by UGEFA, through funding from the European Union," the statement noted.
Overcoming current funding barriers is critical to unlocking the country’s green economy.
UGEFA said it will help eligible businesses ensure they meet the requirements of lenders so they can get access to the money they need to grow.
"Businesses that are eligible can receive support through the application process during application clinics – improving their business plans and ensuring they have necessary financial documentation," the statement noted.
Applicants must will have registered businesses; should have engaged in a green sector specifically clean energy, sustainable transport, sustainable tourism, waste management or green manufacturing, including in the supply chain of sustainable agricultural produce.
Uganda Enterprise Finance Accelerator (UGEFA) is funded fully by the European Union Delegation to Uganda.
It is being implemented by adelphi Research GmbH, a leading global independent think and do tank on environment and development and Finding XY, a Ugandan-based non-profit, innovation centre and business advisory firm.
