Stanbic Uganda Holdings Limited (SUHL) has unveiled a pair of transformative initiatives poised to revolutionize the landscape of business finance accessibility and economic expansion within Uganda’s bustling SME sector.
The ceremonious launch of the Stanbic Accelerator Program (SAP) and the Supplier Development Program (SDP) heralds a new era of support for local enterprises, facilitated under the adept implementation of the Stanbic Business Incubator Limited (SBIL), a subsidiary meticulously crafted within the SUHL framework.
With an annual infusion of approximately Shs2 billion into the Incubator, these programs stand as bold testaments to SBIL’s unwavering dedication to nurturing entrepreneurial talent and small-scale enterprise across the nation.
SUHL’s Chief Executive, Francis Karuhanga, underscored the epochal significance of these initiatives, portraying them as essential conduits for endowing SMEs with the indispensable skills, knowledge, and resources requisite for not only surviving but thriving amidst the cutthroat ambiance of contemporary business environments.
“Each year, we inject about Shs2 billion into the Incubator. The programs mark a significant milestone in SBIL’s commitment to empowering entrepreneurs and small business owners across the country. These initiatives are designed to equip SMEs with the essential skills, knowledge, and resources needed to thrive in today’s competitive business landscape,” said SUHL Chief Executive, Francis Karuhanga.
In a strategic alliance of unprecedented scale, SBIL has forged partnerships with an illustrious array of industry titans, including but not limited to MTN Uganda, Uganda Chamber of Mines and Petroleum, Uganda Registration Services Bureau (URSB), National Social Security Fund (NSSF), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Petroleum Authority of Uganda, and a host of other distinguished entities.
This formidable coalition of stakeholders aims to form an impenetrable bulwark of support, poised to shepherd enrolled SMEs toward unprecedented levels of growth and societal impact.
Justina Ziraba, representing MTN Business, articulated MTN’s unwavering commitment to synergizing with the Stanbic Incubator, thereby enabling targeted businesses to craft digital identities and fortify their online brand presences, thus harnessing the transformative power of technology to catalyze growth.
Tony Otoa, the Chief Executive at SBIL’s helm, attributed the organization’s prodigious success in positively influencing over 3000 businesses in a mere three-year span to the strategic alliances it has meticulously cultivated.
Otoa outlined SBIL’s audacious ambition of achieving a staggering 99% support rate for all entrepreneurs seeking to navigate the labyrinthine realm of finance acquisition.
The Stanbic Accelerator Program emerges as a beacon of hope for aspiring SMEs, offering a meticulously curated curriculum designed to shepherd them through the intricate maze of growth and investment readiness.
By imparting invaluable insights and training, this program endeavors to augment the growth prospects of participating businesses, with a particular emphasis on honing their acumen in capital acquisition, fortifying their resilience in the face of adversity, and catalyzing the creation of gainful employment opportunities.
Moreover, the program seeks to cultivate a fertile ground for potential investors, thereby nurturing an ecosystem conducive to sustainable economic growth.
Meanwhile, the Supplier Development Program, intricately tailored to dovetail with Uganda’s burgeoning energy sector, sets out to demystify the labyrinthine landscape of opportunities therein, empowering SMEs to assume an active role in the sector’s inexorable expansion.
Through the provision of bespoke resources and guidance, this program endeavors to empower SMEs to capitalize on burgeoning opportunities, thereby contributing tangibly to Uganda’s overarching economic development trajectory.
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