Six outstanding Rwandan entrepreneurs have won a total of Rwf 25 million interest-free loans, through a highly competitive business pitch program, running under the 5th BK’s Urumuri initiative with Inkomoko Entrepreneur Development.
The awarding ceremony took place at Mythos hotel on Friday, November 26.
Winning businesses were selected from 174 contestants, from fashion, hospitality, manufacturing and agri-business to only six who have made it through, after presenting a strong social impact, a potential with replicability, scalability and sustainability as well as depicting value proposition and innovation in their projects.
Through the program, the winners were offered financial support after they going through a rigorous six- month accelerator program with Inkomoko.
According to the organisers, the fifth edition brought together businesses that have been negatively affected by the Covid-19 pandemic and had innovative solutions.
Emmanuel Nkusi Batanage, Bank of Kigali’s Head of Corporate Affairs and Company Secretary assured enough support for the worst hit businesses.
"Bank of Kigali together with Inkomoko continue to provide capacity building assistance to entrepreneurs so that they can be uniquely positioned in the transformation of our economy and support the livelihoods of many”.
In the last five years, Rwanda has seen a surge in the opening of new businesses. With all these new entrepreneurs entering the marketplace, hence Inkomoko’s services and support are crucial, according to Teta Ndejuru, the Managing Director of Inkomoko said:
"We are delighted and inspired to support these entrepreneurs who have demonstrated courage and innovation during these challenging times, with Covid-19 having disrupted the economy. We know that businesses have been particularly affected by the pandemic and many were forced to close down their activities,” she said.
Today, added Ndejuru, we are committed to continue playing our part in supporting Rwanda’s economic recovery journey. We chose to honor these job creators and valuable members of our country’s economy.
On her part, Julienne Oyler, the CEO of Inkomoko encouraged the entrepreneurs to embrace business pitch competitions, saying that her company, Inkomoko was also born through the same way.
She then asked those who haven’t been selected not to be discouraged, saying that: "A single decision of a judge tonight is incomparable to your vision,” she stated.
BK Urumuri is one of the most sustainable approaches to addressing entrepreneurs’ challenges both on an administrative and a financial level.
Addressing the winners, the Chief Operations Officer of the Private Sector Federation, Faustin Karasira lauded BK efforts to create a smooth environment for the business players.
"This is what we are always advocating for, creating smooth environment for business enterprises in Rwanda, increasing market provision, and training them,” he noted.
Scovia Mutesi, the founder of KGL Flour Limited who was among the winners, said that this loan will facilitate her to recover from the impacts of the Covid-19 pandemic, hence hailing the organisers.
"It is one thing to have an idea, and it is another to have supporters like Bank of Kigali and Inkomoko who will accompany you throughout the journey, and so we are really grateful to them” she said.
Other winners who shared the Rwf 25 million include Gusa Limited, La Fromagerie Limited, Green pack Limited, Talia Limited and Byose ni Bamboo.