Partnership invests in nine Uganda social businesses to boost skills and jobs
Nine Ugandan businesses have received $200,000 and three month accelerator training in a partnership that is seeking to harness the power of entrepreneurs in Uganda to create jobs.
Organized by Yunus Social Business and USAID, the program focuses on social businesses impacting communities.
Under the partnership, the most promising 20 social businesses with combined potential to create more than 2,200 full-time quality jobs and networks of 1,800 suppliers and distributors along their value chains will receive investment funds ranging from $200,000 - 350,000 each.
The nine graduates completed a three- month accelerator training and business refining to operate social businesses in the health, renewable energy, apiculture, and agribusiness sectors. The graduates received mentoring from local and international partners and a minimum financing of $200,000 to grow their businesses; making an aggregate of over$6million in funds.
“The three-year partnership with Yunus Social Business leverages more than 30 years’ of lessons learned and experience that can and does directly benefit the people of Uganda as they work to build the prosperous future they want and deserve,” said , US Ambassador to Uganda Deborah R Malac.
One of the beneficiaries of the accelerator programme said the training has given him skills to scale up his business. Mr Brian Mugisha of Golden Bees said before he enrolled into the programme, he had small plans but on completion he has learnt to dream big enough.
Golden Bees one of the beneficiaries of the programme, works with farmers across the country to encourage them to rear bees through providing market for the honey bees.
Mr Eriab Kizza, the executive director YSB, said under the three-year partnership with USAID, 1,500 social entrepreneurs will receive training, coaching, and mentoring.
The lucky 135 entrepreneurs will be assisted to scale up businesses by improving and testing their business models and accessing linkages to markets.
“Let this graduation ceremony renew the commitment and energy to continue our mission of social business,” he said, adding that the accelerator programme will ensure 40 per cent of social businesses supported are women-led while 30 per cent of direct employment opportunities and 50 per cent of supplier/distributor opportunities are targeted to youth.
Mr Kizza said the previous investment in three social businesses created 222 jobs with 25 per cent female employment.
