UDB graduates new cohort of SMEs under enterprise development program.
Editor Corporate NewsUpdated 2 days Ago3 Mins read21
Uganda Development Bank Ltd (UDB), through its Enterprise Development Program (EDP), has graduated the Mbale cohort of Small and Medium Enterprises (SMEs) on October 17, 2025, equipping them with the skills and knowledge necessary to become investor-ready.
The program offers practical training and advisory services using a hybrid model in partnership with Makerere University’s Business School Entrepreneurship, Innovation & Incubation Centre (MUBS-EIIC).
In the Mbale Cohort 2025, a total of 32 enterprises were incubated, with 28 successfully graduating after completing the intensive incubation program. Enterprises were drawn from primary agriculture, manufacturing, agro-processing, education, health, tourism, and ICT sectors, showcasing the diversity and potential of Uganda’s SME ecosystem
Participants underwent a two-month training course as part of the Enterprise Development Program (EDP) and received certificates upon completion. The EDP is designed to equip and nurture selected private enterprises through targeted training and mentorship, thereby enhancing their capacity and preparedness to access financing from UDB and other financial institutions.
To-date, 275 SMEs have been incubated following previous cohorts held in Kampala, Gulu, and Arua. This year, the Bank plans to conduct similar regional training sessions in Lira, Mbarara, Fort Portal, and Masaka, as part of its ongoing effort to strengthen enterprise capacity across the country.
“The SME sector is the engine that drives growth in our economy, which is why we focus on empowering it. 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 added that SMEs account for 90% of Uganda’s private sector and contribute about 80% of all manufacturing output, employing over 2.5 million people. However, only about 30% of these businesses survive beyond their third year of operation.
“This highlights the sustainability challenges faced by many Ugandan enterprises. 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,” he concluded.
One of the beneficiaries of the program testified to the benefit of EDP.
“Before joining the EDP, I was operating my business informally. My business was not registered, and I didn’t have organized records. I struggled to understand basic business concepts. Since completing the training, everything has changed. I am now running my business efficiently; I have drafted a business proposal, organized my records, I remit my taxes, and I am beginning to see the benefits of professional business management,” said Richard Magola, the Proprietor of Richie Hotels and Safaris.
The EDP provides participants with essential skills in management best practices, corporate governance, record-keeping, risk management, marketing, human resources, and financial management, among others. This comprehensive approach lays a strong foundation for their future success, ensuring they are well-equipped to navigate market complexities and attract necessary investment for growth.
This training is based on the Bank’s extensive knowledge of business, the operating environment, and experience gained from funding, implementing, and monitoring similar projects. The program is implemented in collaboration with partners, including the Uganda Registration Services Bureau (URSB), Uganda National Bureau of Standards (UNBS), Uganda Revenue Authority (URA), Uganda Investments Authority (UIA), National Social Security Fund (NSSF), and Uganda Women Entrepreneurs’ Association Limited (UWEAL).
About Uganda Development Bank Limited
Uganda Development Bank Limited (UDB) is the country’s national Development Finance Institution (DFI) with a mandate to accelerate socio-economic development in Uganda through sustainable financial interventions. Consistent with this mandate, the Bank supports projects within the private sector that demonstrate the potential to deliver high socio-economic value, in terms of job creation, improved production output, tax contribution, and foreign exchange generation, among other outcomes.
These projects fall within the key priority sectors of our economy and in line with Uganda’s development priorities. The Bank’s financing interventions are mainly in Primary Agriculture, Agro-processing, and manufacturing which account for about 80%of its investment portfolio. The Bank however undertakes specific interventions in other sectors including Tourism, Human Capital Development, and Infrastructure including ICT. www.udbl.co.ug
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