Six emerging local Small and Medium Enterprises (SMEs) were on Friday recipients of interest free loans from Bank of Kigali’s Urumuri Initiative, organised in partnership with Inkomoko, a local business consulting firm.
The top winners were selected among the 13 finalists that were given a go-ahead after the previous review stages.
As a way of fostering SMEs’ expansion, a total of Rwf25 million was disbursed to the first six businesses in this year’s edition.
BK Urumuri Initiative is an annual entrepreneurial competition that aims at supporting local SMEs to access interest-free loans and intensive business training, as part of the bank’s corporate social responsibility.
According to the organizers, this year involved intensive business training especially around intensive research and business development.
Priscilla Ruzibuka(left), founder of Kipepeo Kids, won a Rwf 4,250,000 BK’s free interest loan. Her Ki_pepeo Kids enterprise was founded in 2016 and is the very first children-clothing brand social enterprise in the country. Dan Nsengiyumva.
"All of them were good businesses. When choosing the best, we were looking at businesses that can sustain themselves and grow, those that understand their customers, financials, and opportunities for business growth,” Julienne Oyler, Founder of Inkomoko, told the press at the occasion.
Addressing the contestants, Oyler stressed that: "A loan doesn’t define the success of a business. If you have it or not, go out there on the market, try and learn more from your customers because they’re the ones who’ll help your business grow in future.”
Inaugurated in 2017, the Initiative focuses on local SMEs that have been in operation for more than one year, and with revenue not exceeding Rwf500 million.
Made-in-Rwanda products
"We started this initiative because we believe in business as a way to transform ourselves and our country,” Diana Karusisi, Chief Executive Officer of Bank of Kigali, said at the event.
She added that: "We also initiated this because we believe in our young people, as well as our locally made products.”
As Bank of Kigali we commit to always be there and support you throughout your journey, Karusisi reiterated.
Jonas Munyurangabo, Director General In charge of Planning and Research in the Ministry of Trade and Commerce, also highlighted that: "Made in Rwanda policy is being a reality and it’s no longer treated as inferior.”
He added that: "We thank you BK for being among pioneers of Made in Rwanda promoters, and we are looking forward to have more joining the race.”
Gerald Ruzindana, who is one of the winners, said that; "Normally it’s not easy to be given a loan when you don’t have a collateral. Therefore it’s a great advantage for us to be given an interest free loan by a commercial bank.”
It’s a go-ahead for us, and we are looking forward to continue promoting Made in Rwanda product, as we also bring permanent solutions to Rwanda and the rest of the world, Ruzindana added.
Among the winners, three got an interest free loan of Rwf4million, two received Rwf4.25million while the other one was given Rwf4.5million.
Sam Smith Habimana(left) and Gerald Ruzindana(right), brains behind Amazon Nutrition Cabinet, won a 4 000 000 Rwf BK free interest loan. Having started in 2018, their business is specialized in nutrition services, therapy and nutritious alternative foods.
Jeremy Gisagara(left), Founder of Greenleaves Business Enterprise, won Rwf 4 000 000 BK’s free interest loan. His business was founded in 2016, its goal being to make affordable agriculture infrastructures using local made Rwandan products.
Sharon Akanyana(left), Founder of Ishyo Foods Business Enterprise, has won a Rwf 4 000 000 BK 's free interest loan. Founded in 2018, her business produces jam from different fruits such as tree tomato, strawberry and pineapples.
Euphrosine Mugeni Niyidukunda(left), Founder of Avo Health Business enterprise, has won a Rwf4 500 000 BK free interest loan. Based in Huye district, her business which was inaugurated in 2017 makes natural avocado cooking oil.
editor@newtimesrwanda.com