Uganda Development Bank, the country’s national Development Finance Institution and the recipient of the Best Bank in East Africa 2024 Award, on Friday marked a significant milestone with the graduation of 60 participants from its inaugural Enterprise Development Program (EDP).
The colourful graduation ceremony took place at Kampala Hotel Africana and attracted various private and public dignitaries.
“This diverse group of participating businesses, including Small and Medium Enterprises (SMEs), women, and youth enterprises, reflects the inclusive nature of the program and its potential to contribute to Uganda’s economic growth”, states the UDB statement released.
According to the UDB statement, EDP is a cornerstone initiative of UDB’s Business Acceleration for Successful Entrepreneurship (BASE) designed to foster business growth and enhance investment readiness through an incubator model.
The UDB statement states that; Incubation of the first cohort, graduating on Friday, commenced in April 2024 and has been running for three months.
“Today marks a significant milestone for the Bank and the participating businesses. We are delighted to see these enterprises reach this stage of readiness. The knowledge and skills gained through EDP will enable them to navigate market complexities and attract the investment necessary for their growth,” said Ms Patricia Ojangole, the Managing Director of UDB.
Conducted in partnership with the Uganda Management Institute (UMI) and Makerere University Business School’s Entrepreneurship, Innovation and Incubation Centre (MUBS-EIIC), the overall objective of EDP, according to UDB is to train, support, and incubate selected private businesses, enhancing their readiness for credit facilities from UDB and other financial institutions.
“Before joining EDP, I was operating my business in a jua kali manner. My business was not registered, nor did I have clear book records. I did not appreciate business concepts. After this training, things have changed. I am now running my business efficiently; I have drafted a business proposal, my records are getting into order, I remit my taxes and I am starting to realize the benefits of running a business professionally,” said Katherine Nassali, the proprietor of Legacy Trust Limited.
According to UDB, EDP provides participants with essential skills in the management best practices, corporate governance, record keeping, risk management and financial management, among others.
“This comprehensive approach establishes a robust foundation for their future success, ensuring that they are well equipped to navigate the complexities of the market and attract the necessary investment for their growth”, adds the UDB statement.
“Today, we celebrate not only the completion of this program but the beginning of a new chapter for these enterprises. EDP has served as a beacon of opportunity and growth, equipping businesses with the skills and knowledge needed to excel in a competitive environment”, said the Chief Guest Col. Edith Nakalema, the Head of State House Investors Protection Unit, in her closing remarks.
Col. Nakalema added: “Our commitment to supporting these businesses reflects our belief in their potential to drive economic transformation and create a lasting impact. We eagerly anticipate today’s graduates’ positive contributions to our economy. I commend UDB for undertaking this novel intervention that aligns with their mandate to spur the country’s socio-economic development”.
UDB says; this training is based on the Bank’s wider knowledge of the business, the operating environment, and experience gained from funding, implementing, and monitoring such projects.
“The program is implemented alongside the Bank’s partners including; 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)”, concludes the UDB statement.
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