dfcu Bank Chief Executive Officer Mathias Katamba giving a speech during the Launch

Top 100 SMEs tipped on how to benefit from 2019/2020 Budget

Economists and tax experts have urged Ugandan Small and Medium Enterprise (SME) owners to exploit opportunities government is offering in the current budget for the financial year 2019/2020.

The experts urge that both the tax and fiscal policies introduced in the current budget can support the development of SMEs in the country if entrepreneurs venture in those sectors that were prioritized by government in the budget speech for the year 2019/ 2020.

The fiscal and tax policy looks at lowering the cost of doing Business, protecting local entrepreneurs against imported goods and Services.

Government in the Budget is looking at supporting local entrepreneurs to have access to cheap loans and also providing Incentives to Entrepreneurs willing to invest in Country.

Under supporting local entrepreneurs to access to cheaper loans, government has capitalized Uganda Development Bank (UDB) and Microfinance Support Centre with enough resources of which business communities can apply for cheaper loans instead of going for the expensive ones from the commercial Banks.

Apart from the funds at the UDB, government has also increased the resources under the Ministry of Gender to finance Women Livelihood program at the same time allocating resources to finance agricultural related enterprises under the Agriculture Credit Facility.

Speaking at the launch of the exercise, KPMG Lead partner Edgar Isingoma said SMEs play a big role in the country’s economy thus the need for government to support their development.

“Although the private sector players such as banks have shown much support towards SMES, in the country government should ensure that the Environment is conducive to SMEs existence,” he said.

The purpose of   Top  100 Mid-Sized  companies  survey  is to identify  Uganda’s fastest growing  small and medium  sized companies  in order  to showcase  business  excellence  and highlight  some  of the country’s  most successful  entrepreneurship  stories .

The survey depends greatly on integrity of the participating SMEs and its collaboration between KPMG, Daily Monitor, dfcu Bank, Uganda Investment Authority among other partners.

Speaking at the event as one of the sponsor of the survey, dfcu Bank Chief Executive Officer Mathias Katamba said the survey is good for Uganda as country because it brings to the forefront the outstanding achievements of some of Uganda’s most successful and dynamic companies and the people who have been instrumental in driving their growth.

Tony Glencross, Managing Director Nation Media Group said the Survey identifies Uganda’s fastest growing medium-sized companies to show business excellence.