Stanbic Chief Executive Patrick Mweheire hands over a certificate to one of the entrepreneurs. Small businesses are plagued with numerous challenges including limited financial support, inadequate entrepreneurial skills and low corporate governance Kampala, Uganda | THE INDEPENDENT | Stanbic Bank in partnership with the GIZ Employment and Skills for Eastern Africa Programme (E4D/SOGA) will support Small and Medium Enterprises trainings ahead of oil and gas production, according to the bank’s Chief Executive Officer, Patrick Mweheire.
Mweheire, who was speaking during the graduation ceremony of 548 entrepreneurs and 122 SMEs on Aug. 09, said the Bank is committed to supporting SMEs growth and transformation of lives of various stakeholders in the sector at absolutely no cost.
“The business incubator is pleased to have GIZ’s programme on board as partners in running the SME development programme that is purposed to support and nurture SMEs in order to develop and grow by bridging the identified gaps,” he said, adding that GIZ has extended Shs400million towards the training expansion.
GIZ’s E4D/SOGA programme is jointly funded by the British, Norwegian and German governments to facilitate regional expansion of SME business trainings across the country.
The expansion will involve opening business incubation centres in Gulu to serve the northern region, Mbale to serve the eastern region, Hoima to serve the oil-rich region and Mbarara to serve the western region.
This is expected to ease the cost of travel and accommodation for the entrepreneurs and SMEs to attend trainings.
Mweheire said Stanbic alone has already spent approximately Shs4bn in running the business incubation programme.
Donald Agaba, the deputy team leader for a training programme in GIZ said the incubator has brought in the much needed business development services to Ugandan enterprises and is filling the large gap in the enterprise development landscape.
“The programme aligns with the E4D/SOGA objective of promoting local employment through capacity development of both Ugandan enterprises and people, particularly to maximise local benefits brought about by investments in the nascent oil and gas industry,” he said.
This development comes as local SMEs are plagued with numerous challenges that limit their potential including limited financial support, inadequate entrepreneurial skills, management, marketing, poor financial planning, low corporate governance and poor banking and borrowing history.
Meanwhile, Stanbic Bank awarded 548 entrepreneurs from 122 Small and Medium Enterprises with certificates having completed business training and courses at its business incubator.This was the third cohort of businesses that the incubator has churned out since its inception in […]