The Uganda Development Bank (UDB) Mbale Enterprise Development Program (EDP) graduates 28 entrepreneurs after completing two months of intensive training on financial literacy, records management.
The program, a business incubator designed to prepare enterprises for investment readiness, equipped participants with practical tools, mentorship, and training in good governance, record keeping, and financial management aiming at enhancing sustainable growth and promote enterprise transformation.
Addressing journalists during the graduation of first cohort 2025 on Friday, Dr. Francis Mwesigye, Chief Economist and Director of Economic Research and Knowledge Management at Uganda Development Bank , said UDB is committed to empowering local businesses through capacity-building programs.
“UDB has graduated a cohort of 28 business owners who have undergone two months of enterprise development training covering key aspects such as business management, bookkeeping, and governance. The main goal is to strengthen businesses and prepare them to access funding from UDB and other financial institutions,” Dr. Mwesigye explained.
He added that UDB has established a regional office in Mbale, joining branches in Gulu, Hoima, Mbarara, and Arua, to bring services closer to communities. We received many complaints from people who found it difficult to travel to Kampala for services.
"UDB doesn’t take deposits but provides affordable financing with long-term facilities at an interest rate of 12 percent. We mainly support sectors such as agriculture, tourism, manufacturing, agro-processing, education, health, and innovation,” he said.
According to, Mr. Richard Magoola, Director of Richy Hotel and Safari, expressed gratitude for UDB’s presence in Mbale, noting that commercial banks have been offering loans at high interest rates of 24–28 percent, while UDB offers much lower and more manageable rates.
Fatuma Namutosi, Director of Byeffe Porridge in Mbale and the event’s guest speaker, applauded Uganda Development Bank for opening a regional branch and sponsoring the training.
“I’m happy that UDB has come to Mbale. It’s a big advantage for Entrepreneurs who have been traveling to Kampala to access government funds." She noted.
"The training has equipped business owners with valuable skills in management, marketing, and financial discipline, knowledge that would have been costly to acquire elsewhere or hire a specialist” Namutosi said.
She encouraged fellow business owners to continue attending such programs to strengthen their enterprises and foster growth.
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