Uganda Development Bank Ltd (UDB) has graduated a new cohort of Small and Medium Enterprises (SMEs) in Mbarara District through its Enterprise Development Program (EDP), providing them with the skills and knowledge necessary to become investor-ready.
Through business advisory services, UDB prepares and positions both startups and established businesses to access funding from any financial institutions, as well as sustain their operations. This support is provided through the Enterprise Development Program (EDP), which includes incubation, acceleration, and mentoring initiatives.
In collaboration with Makerere University’s Business School Entrepreneurship, Innovation and Incubation Centre (MUBS-EIIC), the hybrid program offers training, capacity building, business incubation and acceleration, sector-focused master classes, structured short courses, and partnerships.
In the Mbarara Cohort 2025, 46 enterprises participated in the incubation program, with 32 successfully graduating after completing the intensive two-month training. These enterprises spanned various sectors, including agriculture, manufacturing, services, infrastructure as well as oil and gas.
To date, 329 SMEs have been incubated across previous cohorts held in Kampala, Gulu, Mbale, Arua, Lira, Fort Portal and Mbarara.
“SMEs make up 90% of Uganda’s private sector and contribute over 75% to our GDP. They are the backbone of our economy and a key driver of job creation. Yet studies have showed that two out of three start-ups in Uganda fail within their first year,” stated Joshua Allan Mwesiga, Director Strategy and Corporate Affairs at Uganda Development Bank, during the graduation ceremony held on Friday at Makerere University Business School, Mbarara Campus in Kamukuzi.
“Under Special Programs, UDB continues to make targeted interventions focused on dedicated financing scheme for SMEs, Youth and Women, with an aim to address their unique challenges in accessing credit – including collateral challenges, informalization, business readiness, among others,” he added.
Mwesiga expressed the Bank’s commitment to continue walking with SMEs through their growth journey, with an aim to help them access credit more easily.
Muhanguzi Emmanuel, 40, one of the program beneficiaries, applauded UDB for enlightening entrepreneurs with the much-needed knowledge on financial management and bookkeeping.
“Personally, I lacked knowledge on how to arrange my books of accounts, how to do market analysis as well as risk management. The training course by UDB has equipped me to do that,” said Muhanguzi who runs Jurassic World Vegetable Enterprise, which produces organic insecticides that help farmers protect their harvest from weevils.
“The trainers gave us software to help us manage our books of accounts better. That way, we can keep track of our capital inflow and outflow. All you have to do is enter the data, which the system analyses and generates a report. These are practical tools that I didn’t acquire even at university.”
Muhanguzi appealed to entrepreneurs to embrace the spirit of partnership and collaboration.
Mumpe Julian, another trainee who is into coffee farming and apiary, says the biggest driver of business mortality is founders replicating business ideas without due research.
“We have learned a lot. From having the right mindset, to debt management, debt servicing, financial literacy and business planning. The trainers also shared case studies of businesses that have thrived due to their resilience. This helped us everyone to appreciate that it is never too late to start,” said 32-year-old Mumpe.
The EDP provides participants with essential skills in management best practices, corporate governance, record-keeping, risk management, marketing, human resources, and financial management, among others. This comprehensive approach lays a strong foundation for their future success, ensuring they are well-equipped to navigate market complexities and attract necessary investment for growth. This training is based on the Bank’s extensive knowledge of business, the operating environment, and experience gained from funding, implementing, and monitoring similar projects.
The program is implemented in collaboration with partners, including the 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).
