A group of ten budding entrepreneurs have aced for interest-free loans in an intensified business pitch under the 5th Bank of Kigali (BK) Urumuri Initiative.

The pitch competition took place on Friday, at the Kigali Convention Center in front of a panel of five judges from the Bank and the business ecosystem.

In a span of two weeks, five outstanding entrepreneurs will be announced winners of the scoop under Bank of Kigali and Inkomoko Entrepreneur Development partnership.

Through the initiative, BK and Inkomoko seek to support innovative entrepreneurs by equipping them with business skills under Inkomoko accelerator as well as access to finance.

Sought-after businesses must be established, present a strong social impact potential with replicability, scalability and sustainability as well as depict value proposition and innovation.

"Bank of Kigali choses to focus on innovative businesses that look to trigger a solution to Rwanda’s most pressing need for self-reliance, driving the country’s economic growth,” said Gedeon Rukundo, Bank of Kigali’s Legal Manager and Subsidiaries Corporate Counsel.

Rukundo asserted that the lender encourages entrepreneurs to make good use of opportunities presented to them, citing the initiative as an example.

"We are grateful for this continued partnership with INKOMOKO to support innovative entrepreneurs from Rwanda’s fast-growing SME sector,” he added.

Every year, BK Urumuri Initiative supports between five and eight entrepreneurs with up to Rwf25 Million in interest-free loans coupled with business coaching

Inkomoko Managing Director, Teta Ndejuru expressed the organization’s excitement at this year’s quality of pitches from the entrepreneurs citing the diversity of sectors featured as well as their ability to innovate despite the challenges presented by COVID-19.

"We are grateful for this continued partnership with the Bank of Kigali to support innovative entrepreneurs from Rwanda’s fast-growing SME sector. This cohort has managed to pivot and innovate during and after these challenging times and we look forward to learning about their plans to scale, reach new markets, and create jobs. Inkomoko is commitment to provide business advisory tools and services that facilitate the growth of Rwandan SMEs,” Mrs. Ndejuru said.

Since it’s inception, BK Urumuri Initiative has fostered the growth of 125 entrepreneurs, with 60,000,000RWF provided in interest-free loans.

Entrepreneurs that have aced for interest-free loans in an intensified business pitch under the 5th Bank of Kigali (BK) Urumuri Initiative. / Craish Bahizi

Some of products of  entrepreneurs that have aced for interest-free loans in an intensified business pitch under the 5th Bank of Kigali (BK) Urumuri Initiative.