78 Ugandan small scale businesses were awarded UGX5.9 billion seed capital by NSSF and Mastercard foundation.
This brings the cumulative sum of the NSSF Hi-innovation program beneficiaries to 110 since its launch in May 2021.
About UGX10.5 billion has been awarded as seed capital to support small Ugandan businesses since May 2021.
The Hi-Innovator Programme is an initiative by NSSF in partnership with Mastercard Foundation that aims to create an eco-system where indigenous Small and Growing Businesses can be supported to mature into viable businesses.
The Hi-innovation program beneficiaries were selected from over 6,300 entrepreneurs that had enrolled in the program’s learning platform dubbed the NSSF Hi-Innovator Business Academy.
The successful businesses were assessed using a criterion that included the potential for scalability, sustainability, good governance, and impact on the community
Following a weeklong boot camp, 103 entrepreneurs were then shortlisted to pitch their ideas to an investment committee that included seasoned entrepreneurs and investors.
The businesses were from five sectors including agriculture, digital economy, fashion and beauty, health, and light manufacturing.
Patrick Ayota, the NSSF Deputy managing director said at the awarding ceremony that it is gratifying to see an increment in the number of businesses being supported this year through the Hi-Innovator Program from 32 to 78.
On behalf of Mastercard foundation, Arnold Byarugaba said the notable achievements of the program give them confidence in their partnership with NSSF.
“The achievements we have seen in the program so far give us confidence in this partnership with the NSSF. Through this program, we believe that we are on the right track to attaining our ambitious goal of creating over 132,000 employment opportunities for youth and women in the country,” he said.
Richard Zulu, Founding Partner and Team Lead at Outbox Uganda, the implementing partner for the Hi-innovator program, attributed the program’s success to the partnership-led approach with several other ecosystem players who provide technical assistance and mentorship which unlocks affordable financing for entrepreneurs at scale.
The selected businesses will now undergo a due diligence process and will be supported by other partner innovation hubs in the next four months to enable them address business hurdles.
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