Uganda Development Bank Ltd (UDB) has through its flagship Enterprise Development Program (EDP), graduated a new cohort of Small and Medium Enterprises (SMEs) in Mbale, equipped with the skills, tools, and knowledge to become investor-ready and scale their businesses sustainably.
The program, delivered in partnership with Makerere University Business School’s Entrepreneurship, Innovation & Incubation Centre (MUBS-EIIC), combines practical training with advisory services through a hybrid learning model tailored to the needs of local entrepreneurs.
For the Mbale Cohort 2025, a total of 32 enterprises were incubated, with 28 successfully graduating after completing an intensive two-month training program.
These enterprises represented a broad spectrum of sectors, including primary agriculture, manufacturing, agro-processing, education, health, tourism, and ICT—highlighting the diversity and potential of Uganda’s SME landscape.
Upon completion, participants received certificates and were formally inducted into UDB’s growing network of enterprise development alumni.
“The SME sector is the engine that drives growth in our economy, which is why we focus on empowering it,” said Dr. Francis Mwesigye, Director of Economic Research & Knowledge Management and Chief Economist at Uganda Development Bank, during the graduation ceremony in Mbale.
“Through this flagship non-financial intervention, we aim to equip entrepreneurs with practical training, knowledge, and tools to start, strengthen, and scale their businesses. The program also positions participants strategically to access UDB’s tailored financial solutions and thrive in today’s competitive market.”
Dr. Mwesigye further emphasized the economic importance of SMEs, noting that they constitute 90% of Uganda’s private sector, contribute around 80% of all manufacturing output, and employ over 2.5 million people. However, he also acknowledged that only 30% of these businesses survive beyond their third year of operation.
“This highlights the sustainability challenges faced by many Ugandan enterprises,” he noted.
“As a development bank, we are intentionally addressing these issues by supporting entrepreneurs in building resilient and sustainable businesses—a mission that directly aligns with our mandate to improve the quality of life for Ugandans.”
One of the graduates, Richard Magola, Proprietor of Richie Hotels and Safaris, shared his transformation journey:
The Enterprise Development Program equips participants with essential business management competencies including corporate governance, record-keeping, risk management, marketing, human resources, and financial management, among others. This holistic approach ensures that enterprises are better positioned to navigate market complexities and attract investment for growth.
To date, 275 SMEs have been incubated through the EDP across previous cohorts in Kampala, Gulu, and Arua. Building on this momentum, UDB plans to conduct similar regional sessions this year in Lira, Mbarara, Fort Portal, and Masaka as part of its wider effort to strengthen enterprise capacity nationwide.
The program is also delivered in collaboration with key institutional partners, including the Uganda Registration Services Bureau (URSB), Uganda National Bureau of Standards (UNBS), Uganda Revenue Authority (URA), Uganda Investment Authority (UIA), National Social Security Fund (NSSF), and Uganda Women Entrepreneurs’ Association Limited (UWEAL).
