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Kampala, Uganda | AMON BAITA | Green businesses in Uganda are being urged to apply to an accelerator programme that offers free finance-focused workshops and discounted loans to help them scale up with a vision to accelerate growth of Uganda’s economy within two decades.
In a press release shared this Wednesday, Ugandan Green Enterprise Finance Accelerator (UGEFA) is looking to help high-potential small and medium-sized enterprises that specialize in eco-tourism, clean energy, sustainable transport, waste management and green manufacturing, including agro-processing, turning raw crops in finished products like textiles and dried fruit.
‘’Applications to join UGEFA’s accelerator programme opens today and will close on 30 November’’, The press release reads in part before revealing that during the six-month programme, successful applicants will receive customized business development support from expert advisors.
It was revealed that this tailored scheme which includes capacity building workshops and peer learning, delivered by implementation partners, adelphi and Finding XY has a green growth development strategy, an economy which considers people and planet, as well as profit that can boost GDP growth nd create four million jobs two decades from now.
“After graduating from the UGEFA programme, enterprises are matched with banking partners. If they prove to be investible they are provided loans, 33% of which is covered by UGEFA, through funding from the European Union”. It notes.
The statement however adds that this will require significant investment, however, with US$11 billion needed by 2024. Overcoming current funding barriers is critical to unlocking the country’s green economy. UGEFA will help eligible businesses ensure they meet the requirements of lenders so they can get access to the money they need to grow.
“Businesses that are eligible can receive support through the application process during application clinics – improving their business plans and ensuring they have necessary financial documentation’’. The statement adds before revealing that they will also provide networking opportunities with peers and business advisors and ensure that businesses gain a comprehensive understanding of the loan application process.
Commenting on the latest call for applications, adelphi Executive Board Member, Rainer Agster said: “The current pandemic is a massive challenge for all enterprises, but it also provides an opportunity for a transformation towards a greener economy. UGEFA wants to work with enterprises accelerating this green transformation in Uganda. We are looking forward to receiving applications by green enterprises, who want to work with us and our partners.”
Finding XY’s Programme Lead Eddie Sembatya added: “The level of ingenuity among Uganda’s green entrepreneurs is second to none. We need to maximise their impact and that is why we are urging eligible businesses to submit applications to the programme and help transform Uganda’s business landscape.”
Applicants must will have to present requirements like, Registered businesses, Engaged in a green sector, specifically clean energy, sustainable transport, sustainable tourism, waste management or green manufacturing, including in the supply chain of sustainable agricultural produce.
Uganda Enterprise Finance Accelerator (UGEFA) is funded fully by the European Union Delegation to Uganda and being implemented by adelphi Research GmbH, a leading global independent think and do tank on environment and development; and Finding XY, a Ugandan-based non-profit, innovation centre and business advisory firm.
