Uganda Development Bank Ltd (UDB) has graduated a new cohort of small and medium enterprises (SMEs) in Mbarara District under its Enterprise Development Program (EDP), aimed at equipping entrepreneurs with skills to become investor-ready and financially sustainable.
A total of 46 enterprises enrolled in the Mbarara Cohort 2025 incubation programme, with 32 successfully completing the intensive two-month training. The businesses cut across agriculture, manufacturing, services, infrastructure, and the oil and gas value chain.
The hybrid programme was implemented in partnership with Makerere University Business School through its Entrepreneurship, Innovation and Incubation Centre (EIIC).
It offered business incubation and acceleration, capacity building, sector-specific master classes, structured short courses, mentorship, and linkages to strategic partners.
Speaking at the graduation ceremony held on Friday at Makerere University Business School Mbarara Campus in Kamukuzi, Joshua Allan Mwesiga, Director of Strategy and Corporate Affairs at UDB, said SMEs remain central to Uganda’s economic growth but continue to face high failure rates.
“SMEs make up about 90 percent of Uganda’s private sector and contribute more than 75 percent to GDP. They are the backbone of our economy and a key driver of job creation. Yet studies show that two out of three start-ups in Uganda fail within their first year,” Mwesiga said.
He noted that through its Special Programmes, UDB is making targeted interventions to address challenges faced by SMEs, youth, and women, including limited access to credit, collateral constraints, informality, and gaps in business readiness.
“UDB remains committed to walking with SMEs throughout their growth journey, to ensure they can access financing more easily and sustain their operations,” he added.
Since its inception, the EDP has incubated 329 SMEs across multiple cohorts held in Kampala, Gulu, Mbale, Arua, Lira, Fort Portal, and Mbarara.
Program beneficiaries praised the initiative for providing practical business skills.
Muhanguzi Emmanuel, 40, who runs Jurassic World Vegetable Enterprise producing organic insecticides, said the training bridged critical gaps in financial management.
“I previously lacked knowledge in bookkeeping, market analysis, and risk management. The program equipped me with practical tools, including accounting software, to track cash inflows and outflows and generate reports—skills I didn’t even acquire at university,” Muhanguzi said.
Another beneficiary, Mumpe Julian, a coffee farmer and apiarist, said poor research and imitation were major causes of business failure.
“We learned about mindset, debt management, financial literacy, and business planning. The case studies shared showed us that resilience and proper planning make a real difference,” Mumpe said.
The EDP curriculum covers management best practices, corporate governance, record-keeping, marketing, human resources, risk management, and financial management, preparing enterprises to navigate market complexities and attract investment.
The programme is implemented in collaboration with several public and private sector partners, including the Uganda Registration Services Bureau, Uganda National Bureau of Standards, Uganda Revenue Authority, Uganda Investment Authority, National Social Security Fund, and Uganda Women Entrepreneurs’ Association Limited.
UDB is Uganda’s national Development Finance Institution mandated to accelerate socio-economic development through sustainable financing, with a focus on priority sectors such as agriculture, agro-processing, manufacturing, tourism, human capital development, and infrastructure, including ICT.