UDB business incubation program graduates first cohort

Entrepreneurs have been urged to make use of the skills acquired from Uganda Development Bank’s business incubation program to develop themselves and benefit the country.

“The fundamental aspect of this intervention is the focus on devising smarter approaches which put enterprises in Uganda in a good state to boost their capabilities and have a meaningful contribution to the economy. Enterprises must be able to properly utilize the skills learnt to grow big,” State House Investor’s Protection Unit head, Col Edith Nakalema said.

She was on Friday speaking during a ceremony at which 60 enterprises graduated from the first cohort of the UDB business incubation program at Hotel Africana in Kampala.

Col Nakalema said by utilizing the skills earned, the SMEs and MSMEs will grow to another level and become big businesses not only in Uganda but also on the continent.

She however urged UDB to identify more strategies to ensure SMEs can overcome the challenge of access to finances.

UDB Managing Director, Patricia Ojangole said the three-month incubation program saw acquire skills in how to ably grow and sustain their businesses.

She explained that whereas many SMEs cry foul of lack of funding, this is the problem but rather their readiness to use the funds.

“It is not that there is no money. Funding is available but there are no bankable projects to get the funding. For example, UDB is capitalized but businesses are not ready to access this money. We therefore started this program to reduce stories of businesses starting and collapse in the first one or two years,” Ojangole said.

“We want to build large businesses that will be able to employ more Ugandans, generate more revenue in terms of taxes and make more money to benefit more Ugandans. The knowledge and sills gained through this program will enable them navigate market complexities and attract investment necessary for their growth.”

She said UDB is planning to scale up the program to different regions of the country.

Speaking to the entrepreneurs, Denis Ngabirano, the CEO for Psalms Food Industries Limited urged them to start small and later grow big.

“Starting small must be supported with tenacity, dedication, patience and professionalism to enable entrepreneur remain bankable. There must be steps to follow and experiences to learn from. There must be people to influence you to do right,” Ngabirano said.

“It takes a lot of time gain visibility in the market and it is not a one day game. Learn to use your imagination to foresee possibilities and challenges. Seek partnerships where necessary to enable you grow your enterprise in terms of capacity and quality.”