Twelve women entrepreneurs pitched their businesses for interest-free loans during the 8th edition of the BK Urumuri Initiative on November 14.

In partnership with Inkomoko Entrepreneurship Development, this year’s programme, themed "Empowering Women Entrepreneurs”, is dedicated to supporting visionary women entrepreneurs across Rwanda.

The contestants presented their businesses, which were evaluated by judges based on criteria such as market analysis, competition, business model, team dynamics, investment potential, business plan, and financial management.

ALSO READ: BK Foundation, Inkomoko, empower women entrepreneurs in 8th edition of BK Urumuri Initiative

The BK Urumuri Initiative started in 2017 to promote the Rwandan economy and empower local entrepreneurs.

Inkomoko is an advisory firm and impact investor that helps entrepreneurs successfully grow their businesses to create thriving communities.

BK Urumuri Initiative underscores the BK Foundation&039;s commitment to driving meaningful change and promoting gender equality within the business ecosystem.

By offering a comprehensive suite of support including financial management training, one-on-one coaching, consulting, investment readiness, and access to finance through the Bank of Kigali, the initiative aims to elevate the entrepreneurial journey of Rwandan women.

Helle Dahl Rasmussen, Business Growth Services Director at Inkomoko, addressed the finalists by emphasising that their journey to this stage was a big achievement.

ALSO READ: BK Foundation, Inkomoko award top six Urumuri Initiative projects

She said, "Regardless of what happens next, I think we are all winners. When you are an entrepreneur, the journey is up and down. Sometimes you get a yes, and other times you get a no. But you're already 12 selected out of 25. You've already gotten many yeses on this road."

Encouraging them to persevere, she acknowledged that some would secure interest-free loans from the Bank of Kigali while others would not, yet reassured them, "We all win in the end."

Final award decisions, she noted, will be made in the coming weeks.

To be eligible for the initiative, candidates had to be Rwandan women or permanent residents who own or co-own a business in Rwanda with annual sales under Rwf100 million and had operated for at least one year.

They needed to show financial profitability or a plan to achieve it within two years, can repay an interest-free loan, demonstrate innovation in addressing societal issues, and must not have previously participated or won in the BK Urumuri programme.

Pascal Nkurunziza, Programme Manager at BK Foundation, explained that five to six winners among the 12 entrepreneurs will receive interest-free loans, with individual amounts ranging from Rwf4 to 6 million, totalling Rwf25 million for the winners to share.

When asked about the focus on women this year, Nkurunziza said, "Women’s development is a priority for BK Foundation; we wanted to put more effort into supporting women. We wanted women entrepreneurs to overcome self-doubt, step out of their homes, and engage more in the workforce, what we call inclusion. And we aim to continue this.”

According to Nkurunziza, BK Foundation has provided loans totalling more than Rwf 234.5 million to over 55 entrepreneurs, 31 of whom are women.