Stanbic Business Incubator Empowers Small and Medium Enterprises (SMEs) in Enterprise Development

The Stanbic Business Incubator supports and nurtures SMEs to prepare for business growth opportunities. Across Uganda, the Incubator trains and mentors businesses from diverse sectors. Through the Incubator, participants also gain access to networking, new markets, and financing opportunities.

At the fifth graduation ceremony of the Stanbic Business Incubator, 352 businesses received certificates in the Enterprise Development Program (EDP), a three-month training in business management and up-skilling. During the ceremony, the Executive Director & Head, Corporate and Investment Banking at Stanbic Bank, Ms. Emma Mugisha affirmed the bank’s commitment to contribute to SMEs’ growth and improved performance and added that participating in the training enabled SMEs to build resilience and sustainability in challenging times. Due to the pandemic restrictions, the cohorts had a very different learning experience from graduates of previous years. The lessons switched from in-person sessions in classrooms to zoom and an online learning management system. By switching to online modules, participants gained flexible access to trainers and customized content for self-study.

Tony Otoa, the Chief Executive of the Stanbic Business Incubator, explained that the Incubator, through its Enterprise Development Program (EDP), trained 300 SMEs in Kampala using the online platform. As part of the Incubator’s long-term commitment to increasing access to business resources for SMEs’, the Regional EDP reached 216 SMEs across ten districts in 2020. He also highlighted the Covid-19 Business Information Hub developed in partnership between Stanbic Bank and Consumer Centrix. The Covid-19 Business Information Hub provides regular updates to SMEs on government policies, industry insights, and training and funding opportunities to help businesses navigate the pandemic’s challenging environment.

Graduates of the Stanbic Incubator already see tangible benefits to their business as a result of the training. Eugene Bahahika, Director of Ebenezer Clinic and Diagnostic in Ibanda, said his enterprise has been able to streamline operations, which enabled them to overcome the challenge of high employee turnover and realize increased business revenue.

For Michael R. Senteza of DrimO Investments, the training changed the way he ran his business. He redirected his management skills and was opened up to new business opportunities. “Our business is developing new partnerships and a sustainable brand that can survive economic uncertainty.” He added.

Another Incubator graduate, Lorna Nsiima of Capital Law Partners and Advocates, stressed that the Incubator provides participants with an environment to learn and acquire practical skills to survive and thrive in Uganda and globally.

Over the past three years, the Stanbic Business Incubator has trained 1,216 SMEs and 2,392 individuals. The Incubator continues to support and train more SMEs to contribute to the country’s economic growth.

The Stanbic Business Incubator is inviting interested SMEs to participate in the upcoming 2021 training programme. Training program information is available here.

SMEs can apply through https://survey.zohopublic.com/zs/evRKz0

For more information, please call 0312226700 or email: incubator@stanbic.com.