274 enterprises to participate in inaugural UDB Business Incubation Programme

Uganda Development Bank (UDB) has earmarked 274 enterprises to participate in the inaugural UDB Business Incubation Programme to be held in May 2023. 

The incubation process allows entrepreneurs to preserve capital and gain external support in terms of loans and business advisory services, in order to accelerate their business's growth path.  

Patricia Ojangole, UDB’s executive director, told New Vision they have started a series of development seminars to enable small and medium-scale enterprises (SMEs) gain skills to do business right and have access to financing. 

“If these start-ups are to survive the many challenges in the business world, they need to be afforded with financial management and marketing skills. This is why a lot of effort has to go into skilling them,” she said. 

Through business incubation, UDB hopes to capture each entrepreneurs’ uniqueness and offer support and customized services to maximize business potential. 

Barbara Kasekende, the UDB head of Business Advisory, who presided over the Entrepreneurship training sessions (B.A.S.E), which kicked off in August last year at Hotel Africana, hailed the entrepreneurial spirit among Ugandans, which make them embrace mentorship. 

During that training, insightful discussions were held on financial management successful entrepreneurship skills and how to help SMEs develop past the 2nd year.  Business sustainability has been pinpointed as a major problem among Ugandan SMEs.  

 Experts have warned that the private sector will become stagnant and slowly die, if SMEs re not armed with financial literacy skills, as well as business management training.  

 According to statistics, SMEs constitute 90% of the private sector. They contribute 80% of all manufacturing output and provide 2.5 million jobs. However, only 30% of them live to celebrate their 3rd birthday.