548 Entrepreneurs, 122 SMEs Graduate From Stanbic Business Incubator

Stanbic Bank Uganda has awarded 548 entrepreneurs from 122 Small and Medium Enterprises (SMEs) certificates having completed business training and courses at the Business incubator.

This makes it the third cohort of businesses that the incubator has churned out since its inception in February 2018.

Speaking during the graduation ceremony in Kampala on Friday, Stanbic Bank Uganda Head of Enterprise Development Tony Otoa said, “We have continued to register an increase in number of entrepreneurs and SMEs taking advantage of this programme. Today we have graduated 548 entrepreneurs from 122 SMEs who have gone through different training sessions ranging from contracting, risk and insurance, Bid Management, Procurement and Negotiation, Quality Management, Procurement and Negotiation, Branding & Image Building among others.”

“Statistics from the past graduates demonstrate real productivity and revenue gains made by businesses that have completed the incubator training. 62% of companies showed positive growth through expansion into new markets and have taken on new employees. This demonstrates the continued growth we hope to for SMEs across the country,” he added.

Stanbic Bank Uganda Chief Executive Patrick Mweheire reiterated that SMEs are the key engine of growth for Uganda’s economy with an employment capacity of over  2.5 million people, significantly higher than the corporate private sector at approximately 800,000.

“You simply cannot grow Uganda without growing the SMEs. Which is why we established a Business Incubator that provides capacity development programmes for entrepreneurs in SME’s. It trains and provides them with soft and hard skills necessary to improve their business operations and compete more effectively in the market place. It also deliberately prepares them to leverage the upcoming opportunities in Uganda’s emerging Oil and Gas sector,” he said.

Adding, “Over the last 18 months, the incubator has run three successful cohorts and a total of 1,062 entrepreneurs from 300 SME’s have been successfully trained and graduated from the incubator. I am happy to report that in the next few weeks, we shall be launching regional incubator centres in Mbarara, Mbale and Gulu in order to avail similar training and development opportunities to SME’s upcountry. We do this at absolutely no cost to the SME’s and more importantly – you do not have to be a Stanbic client to apply and participate.”

He encouraged the businesses not to relax but to strive hard. “Following this training session, our biggest hope is that the practical skills you have attained will do the same to boost your business growth, make it more effective and competitive in the market.”

“As you move forward in your growth journey, I encourage you to focus on continuously raising the bar in your business and supporting each other through collective sector based mentorship. There are a number of specific sector issues that can only be overcome by working and sharing collectively.” he concluded.

Source: Business Week