Bank of Kigali Plc and Inkomoko Entrepreneur Development, on May 10 launched the 5th edition of BK Urumuri Initiative to identify and support 25 innovative businesses.
The initiative began in 2017 marking Bank of Kigali's 50th anniversary and continues this year as a sign of the bank's continued commitment to invest in Rwanda's emerging business leaders.
Winners of the competition will access six months of training, consulting, and business advisory from Inkomoko, and they will be candidates for zero-interest loans from Bank of Kigali.
"At Bank of Kigali, we are committed to enhance entrepreneurs' access to credit, thus support those who have brilliant ideas including youth-led enterprises to manage their businesses. This year's edition will welcome entrepreneurs who have innovative business ideas and BK Urumuri will help them to achieve their full potential," said Dr. Diane Karusisi, CEO of Bank of Kigali.
For this edition, the initiative is seeking promising innovative growing enterprises which have potential to support Rwanda's growth.
"We are honored to continuously support entrepreneurs to discover their potential and grow their innovative business ideas that respond to our community's economic issues," said Teta Ndejuru, the Managing Director of Inkomoko.
"At Inkomoko we value young entrepreneurs because they are a powerful source of innovation and the future of Rwanda," she added.
The application deadline is on May 31, 2021.
Eligible businesses must be based in Rwanda, have annual revenue that is less than Rwf500m, have proof of registration for at least 1 year, demonstrate financial profitability, or plan to reach profitability within the next year.
The competition is open to people of all ages and nationalities.
The 25 selected winners will start the Inkomoko Business Development accelerator on June 14.
In the previous edition (2020), a wide range of businesses were selected for the 4th edition of Urumuri and six of them won interest-free loans from BK, including, Work Roselyne Ltd, Jotete Investment Ltd, Nova Leather Ltd, Exalto Engineering and Supply Solutions ltd as well as Weya Creations Ltd.
All 25 businesses got support from Inkomoko for improving their financial planning, growth strategy, accounting, digital marketing, and more.
"Being a part of the 2020 Urumuri Initiative has helped me grow professionally. Beyond this, I acquired skills that significantly contributed to the growth of my business. I was able to open a line of lingerie for both women and men and to increase my revenues." said Aurore Kayitesire, Founder and CEO of Weya Clothing, and 2020 Urumuri winner.