Uganda Development Bank Graduates 28 SMEs in Mbale, Boosting Investor Readiness

Twenty-eight Small and Medium Enterprises (SMEs) in Mbale, Uganda, have completed an intensive training program designed to equip them with the skills and knowledge needed to attract investment and secure financing, the Uganda Development Bank Ltd (UDB) announced today.

The graduates represent a diverse range of sectors including primary agriculture, manufacturing, agro-processing, education, health, tourism, and ICT. The two-month Enterprise Development Programme (EDP) is a collaborative effort between UDB and Makerere University Business School’s Entrepreneurship, Innovation and Incubation Centre (MUBS-EIIC), utilizing a hybrid training model. This initiative is crucial as SMEs are vital for job creation and economic diversification in Uganda.

“The SME sector is the engine that drives growth in our economy, which is why we focus on empowering it,” said Dr. Francis Mwesigye, Director of Economic Research and Knowledge Management/Chief Economist at UDB, during yesterday’s graduation ceremony. “Through this flagship non-financial intervention, we equip entrepreneurs with practical knowledge and tools to start, strengthen, and scale their businesses.” Dr. Mwesigye also noted that while SMEs comprise 90% of Uganda’s private sector and contribute 80% of manufacturing output, their survival rate beyond three years is only around 30%. UDB is working to address this challenge by fostering resilient businesses, aligning with its mandate to improve the quality of life for Ugandans. For more information on supporting small businesses, see the International Finance Corporation’s work with SMEs.

Richard Magola, Proprietor of Richie Hotels and Safaris, a program beneficiary, testified to the transformative impact of the EDP, stating he transitioned from informal operation to a professionally managed, registered business with organized records and tax compliance. The program covers essential skills in areas like management, corporate governance, risk management, and financial management. To date, 275 SMEs have been incubated through similar cohorts in Kampala, Gulu, and Arua, and UDB plans to expand the program to Lira, Mbarara, Fort Portal, and Masaka. You can learn more about UDB’s initiatives on their official website.

UDB officials stated they will continue to roll out regional training sessions throughout the year, strengthening enterprise capacity across the country and positioning businesses for sustainable growth.