UDB graduates 28 SMEs under Mbale program

Uganda Development Bank graduated 28 small and medium enterprises from its Enterprise Development Program in Mbale after a two-month training course. The businesses came from agriculture, manufacturing, health care, education, tourism and technology sectors. Participants learned corporate governance, record keeping, risk management, marketing and financial planning through sessions run with Makerere University Business School. The bank issued certificates and added graduates to its alumni network.

Dr. Francis Mwesigye, the bank’s chief economist, said that small businesses account for 90 percent of Uganda’s private sector and employ more than 2.5 million people. These companies produce about 80 percent of manufacturing output but only 30 percent survive past three years. The program helps entrepreneurs build sustainable operations and prepares them to seek financing from the bank. Richard Magola from Richie Hotels and Safaris described how the training changed his business approach.

The bank has trained 275 enterprises through earlier sessions in Kampala, Gulu and Arua. Officials plan to expand the program this year to Lira, Mbarara, Fort Portal and Masaka. The Uganda Registration Services Bureau, Uganda National Bureau of Standards, Uganda Revenue Authority and other government agencies support the initiative.