KAMPALA. In a bid to support growing business, Stanbic Bank Uganda is sponsoring a mentorship programme aimed at providing advisory services, basic book keeping and accounting practices and mentoring support to enable owners of Small and Medium Entrepreneurs (SMEs) grow their business.
“We believe that the key to achieving sustainable growth of SMEs is by providing the basic skills and mentoring to equip the owners with knowledge and skills to enable them acquire the much needed capital to expand their business,” said Mr Kevin Wingfield, the head personal and business banking Stanbic Uganda.
The programme, launched in partnership with Enterprise Uganda, is targeting about 200 SMEs.
Speaking at the launch of the programme in Kampala recently, Enterprise Uganda executive director Charles Ocici said the programme will also train SME’s on how to access loans from banks.
“Most business people rush for loans without having a proper plan for the loan,” Mr Ocici said adding that some are coerced by banks to take up loans because they seem to be performing well.
He commended Stanbic Bank for the initiative and pledged to ensure that the programme will be completed on schedule.
“Uganda has consistently proven itself to be an exceptional start up eco system for small business; we expect more of the small enterprises to convert to formal business management at the end of the programme,” he said.
Depending on its performance, the programme will be renewed after one year.
However, the parties did not disclose the money injected in.