UDB approves Shs31.5 billion for supporting struggling businesses

Uganda Development Bank (UDB) is set to offer 20% of its core capital to support business segments that are finding difficulties in accessing capital from commercial banks.

Patricia Ojangole, the Uganda Development Bank Managing Director says they have approved Shs31.5 billion to facilitate the development of about 128 enterprises facing problems in accessing capital from formal banks.

“The bank has developed specialised programs to support key demographic and business segments that would otherwise find it difficult to access capital. These are SMEs, women, and youth. The bank committed to allocate up to 20% of its core capital to finance eligible enterprises within these three segments,” Ojangole said.

She says this is being done to ensure that various businesses are supported and in the process, the country will be able to increase its tax base.

She made the remarks while officiating at the passing out of the Uganda Development Bank staff who had completed a transformative leadership training at the National Leadership Institute, Kyankwanzi. The function was also graced by Vice President Jessica Alupo.

Written by Moses Ndhaye