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), equipping entrepreneurs with the skills needed to become investor-ready and sustainably grow their businesses.
The program delivers business advisory services that prepare both startups and established enterprises to access financing from financial institutions while strengthening operational resilience. Implemented through incubation, acceleration, and mentorship, the EDP targets key challenges facing SMEs, including limited access to credit, inadequate business readiness, and weak financial management.
UDB implements the program in partnership with Makerere University Business School’s Entrepreneurship, Innovation and Incubation Centre (MUBS-EIIC). The hybrid initiative offers training, capacity building, incubation and acceleration support, sector-specific master classes, structured short courses, and strategic partnerships.
In the Mbarara Cohort 2025, 46 enterprises enrolled in the incubation program, with 32 successfully graduating after completing an intensive two-month training. The participating businesses operate across diverse sectors, including agriculture, manufacturing, services, infrastructure, and oil and gas.
To date, 329 SMEs have benefited from the EDP across cohorts held in Kampala, Gulu, Mbale, Arua, Lira, Fort Portal, and Mbarara.
Speaking at the graduation ceremony held on Friday at MUBS Mbarara Campus in Kamukuzi, Joshua Allan Mwesiga, UDB’s Director of Strategy and Corporate Affairs, emphasized the critical role of SMEs in Uganda’s economy.
“SMEs make up about 90 percent of Uganda’s private sector and contribute over 75 percent of GDP. They are the backbone of our economy and a key driver of job creation. However, studies show that two out of three startups in Uganda fail within their first year,” Mwesiga said.
He noted that under its Special Programs, UDB continues to implement targeted financing schemes for SMEs, youth, and women, aimed at addressing barriers such as collateral requirements, informality, and inadequate business preparedness. He reaffirmed the Bank’s commitment to supporting SMEs throughout their growth journey to improve their access to credit.
Program beneficiaries praised the initiative for its practical approach. Muhanguzi Emmanuel (40), proprietor of Jurassic World Vegetable Enterprise, said the training strengthened his skills in financial management, bookkeeping, market analysis, and risk management.
“The trainers introduced us to accounting software that helps track cash inflows and outflows and automatically generates reports. These are practical tools I didn’t even gain at university,” Muhanguzi said, adding that his business produces organic insecticides to protect crops from weevils.
Another beneficiary, Mumpe Julian (32), a coffee farmer and apiarist, said the program highlighted the importance of research-driven entrepreneurship.
“One of the biggest causes of business failure is copying ideas without proper research. We learned about mindset, debt management, financial literacy, and business planning, supported by real case studies of resilient enterprises,” he said.
Overall, the EDP equips participants with competencies in corporate governance, record-keeping, risk management, marketing, human resource management, and financial planning, ensuring SMEs are well-positioned to navigate market complexities and attract investment.
The program is implemented in collaboration with key national institutions, including URSB, UNBS, URA, UIA, NSSF, and Uganda Women Entrepreneurs’ Association Limited (UWEAL).
