As the world oil market warms up for Uganda’s highly anticipated oil, in the country’s western city Hoima, there is a rapid growth in commerce, opening up new business interests.
There is a rise of new small businesses aimed at serving the commercial oil activities. But as the city’s authorities put it, the mushrooming business people need deliberate skilling to enable them exploit the opportunities around them.
For that reason, when MSME Accelerator Program happened in Hoima City, the local leaders and entrepreneurs expressed enthusiasm for a bright future.
City Commercial Officer, Godfrey Bwambala said sharing knowledge and creating access to finance for micro, small and medium enterprises (MSMEs) in the area will improve their capacity to contribute to the national economy.
“We thank Opportunity Bank and Federation of Small and Medium-sized Enterprises for this good effort geared towards equipping our business people with the necessary tools for them to succeed,” he said.
Capacity Building
The session attracted over 360 small businesses in various sectors such as manufacturing, oil and gas, and services across Hoima. They were trained in proper business management and regulation as well as opened their access to finance their enterprises.
The MSME Accelerator Program is a partnership of Opportunity Bank Uganda Limited and Federation of Small and Medium Enterprises.
It is aimed at accelerating the growth and impact of over 2,820 MSMEs, through business training, mentorship and access to affordable finance. It is happening in different districts and cities across the country.
Access to Finance
Johnson Rukara, the manager of programs and business development at Opportunity Bank, said through this program, they will empower MSMEs to discover business opportunities and prepare them for funding.
“Look forward to provide the small enterprises with inclusive financing to improve their businesses and exploit opportunities on the market,” he said.
John Akwetero, proprietor of Hang Out Camp, a food and beverages enterprise, said: “I thank MSME Accelerator program for enlightening us on how to solve the challenges in our businesses. We have learnt how to manage our enterprises and also discovered various paths to affordable finance to fuel our growth and expansion.”
