Stanbic Bank Uganda has officially unveiled a business incubator project that will help equip local small and medium enterprises (SMEs) with skills needed to sustain their enterprises.
Dubbed “StanbicBizIncubator”, the programme targets SMEs in the oil and gas sector.
According to Stanbic Bank’ CEO Patrick Muheirwe, the programme will train 3000 SMEs per year but has urged women to participate in the programme, given that only 2 out of 34 of the first cohort of business incubators graduated on Friday were females.
Presiding over the launch of the incubator programme, Prime Minister, Dr. Ruhakana Rugunda said: “This Business Incubation Hub will empower more SMEs to grow their businesses.” He said government intends to run 94 training centres for skills development.
Selected SMEs will go through a 10 months training on business analysis, financial literacy and quality management. Business sustainability is a major problem among Ugandan businesses; only 30% live to their 3rd birthday.
The incubator project will enable Ugandan businesses be equipped with the necessary skills, knowledge and understanding to enable them participate in the oil and gas sector and to run their businesses in a sustainable and profitable way.
The programme will offer participants will with business skills, networking opportunities, learning environment through workshops and trainings and mentorship to Ugandan businesses.
The businesses that participated in the first cohort of this programme are; Albertine JSK construction Ltd, AKA Construction Uganda Ltd, AGA Great Works Ltd, Aero-photo Engineering Systems, Adapt Technical services, BMP Engineering services and Brothers & Partners Ltd
Jacqueline Musiitwa, the executive director of Financial Sector Deepening Uganda, while speaking at the function said she was “very excited to have taken part in ideating the concept.” She said SMEs are the heart of economic growth in Uganda.
Companies in for the next intake are; Mobi-tex Engineering Malt (U) Ltd, Mclean company, OSI Construction, Omega General Electricals, Pearl Engineering, Plumb base, Patronics services, Pharm Investments.