The Agribusiness Development Centre in partnership with dfcu limited and Rabo foundation on Thursday launched a Business Accelerator Program aimed at attracting Agribusinesses that are getting out of ideation phase and offer them a business acceleration opportunity with viable markets and funding for growth and sustainability.
According to a press release dated 18th August 2022, BAP is set to amplify 350 agribusinesses targeting 40% women-led entities and create at least 350 new jobs with at least 50% of these agribusinesses linked to financing bodies and markets.
The program’s objective is to enable parthners to collectively contribute directly to the five SDGs which includes; Gender equality, Affordable Clean Energy, Decent work, economic growth, and Partnerships for goals .
“Since its inception, dfcu Bank has made continuous commitments to support a wide base of customers that include; SMEs, women entrepreneurs, Investment Clubs. Our partnership with ADC is part of a joint mission to grow, build and promote the prospect of a sustainable future under the five SDGs,” said Mathias Katamba, dfcu Bank CEO.
“Agribusiness is the future of Uganda, and this partnership will help us continue to fulfill our commitment to serve and build this sector,” he added.
The program cohorts shall be thematic to consider varied hindrances to agribusiness growth as well as harness opportunities for business acceleration. The themes under two year consideration shall be; key value chains,greening agribusinesses, Oil an Gas opportunities for Agribusinesses, Youth in agribusiness with the first cohort premised on a theme of gender inclusivity in agribusiness development.
“We hope to Influence youth and women inclusivity in the leadership of at least 50% businesses at the end of the program. The learners will also be exposed to peer and networking opportunities through learning visits to experts in varied fields.” revealed Josephine Mukumbya, Executive Director, ADC.
The program parthners said in a joint press conference that Women have been targeted for the first cohort because they make up to 52% of the labour force and are an important talent to help Uganda meet its development goals especially in entrepreneurship and micro, small and medium enterprises growth.
They further noted that women face more challenges than men in starting, managing, and growing their enterprises as they are more likely to be impeded by a lack of the necessary capacities, skills, and resources but believe that a Business Acceleration Program targeting women-led agribusinesses will build their capacity and investment readiness to access financing from investors and financial institutions.
Partners are optimistic that by promoting entrepreneurship and innovation coupled with the growth of Agri-SMEs will help women develop greater economic prosperity, “we believe it will open more opportunities for the women led agribusinesses under the first cohort which is now open on all online channels of ADC and dfcu,” the joint press release reads in part.
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