The Stanbic Business Incubator (SBIL) is transforming how entrepreneurship is nurtured in Uganda and going beyond traditional financial services to connect small and medium enterprises (SMEs) directly with market opportunities, unpack their potential, and elevate them from the boardroom to real-world markets.
In an exclusive interview with CEO Magazine, Catherine Poran, SBIL’s Chief Executive, shared that the incubator was launched as a gift to Ugandans from Stanbic Uganda aimed at supporting and enabling local entrepreneurs to thrive.
This was after a baseline report disclosed that SMEs form the backbone of Uganda’s economy. However, many struggle to survive beyond their third year due to financial constraints, limited market access, and operational challenges.
In bid to bridge this gap, Stanbic responded with the creation of the incubator and six years later, the Kololo based entity has emerged as a game-changer, empowering thousands of entrepreneurs to build sustainable and competitive businesses.
“We see ourselves as more than just trainers,” Poran explains. “We link SMEs to market opportunities, help them understand and unpack these opportunities, and bring them into the market so they can see where the real growth lies. Our approach is global in perspective but locally grounded.”
Poran emphasizes that SBIL’s core mission is rooted in giving back to the community and contributing to the country’s economic development. “Stanbic is more than just a bank. It’s a family companies that believes and greatly passionate about the transformation of this great country. Our purpose is clear: ‘Uganda is our home, we drive her growth.’
SBIL Impact on Economy
Since its inception in 2018, SBIL has proudly impacted over 7,000 entrepreneurs, with 3,400 women among them.
“At the incubator, our work extends beyond providing financial access,” Poran notes. “We bring in experts to address complex areas like contracting, costing, risk management, and ESG (Environmental, Social, and Governance). Before we allocate funds, we ensure entrepreneurs are trained on how to utilize them effectively so that the money isn’t wasted.”
The incubator has had tangible impact across various sectors, supporting more than 4,000 businesses in areas such as oil and gas, clean energy, transport, agriculture, and manufacturing.
Building Capacity for Sustainable Growth
Powered by dfcu: How a Bank Overdraft, Grit, and Vision Lifted Dr. Richard Wemesa onto Uganda’s Best Farmers ListNelson Kasada, SBIL’s Head of Programs, attributes much of the incubator’s success to its holistic capacity-building model, which also involves engaging industry experts who deliver practical, actionable knowledge.
“We don’t just offer theoretical training, we equip entrepreneurs with skills they can implement immediately from structuring contracts to risk management and ESG considerations.” Kasada explains.
He highlights that SBIL’s programs are designed to be accessible and of high quality, often delivered at no cost through collaborations with key stakeholders such as the National Social Security Fund (NSSF), Uganda Revenue Authority (URA), United States African Development Foundation (USADF), Uganda Registration Services Bureau (URSB), the Petroleum Authority of Uganda (PAU) and others.
Strategic Advice for Entrepreneurs
Poran advises entrepreneurs to think strategically, focusing on long-term relationships, formalization, and upskilling. “Uganda’s future will be built by SMEs that dare to compete both locally and internationally,” she urges.
She emphasizes the vast market potential beyond Uganda’s borders, saying, “Don’t aim for just a small slice. Play big and take a meaningful share of the East African and African markets.”
SBIL promotes collaborations rooted in shared interests and mutual benefits, stressing the importance of formal agreements and clearly defined expectations. “Managing risk and maximizing opportunities through partnerships are key,” Poran adds. “Even informal collaborations should be documented to ensure clarity and fairness.”
Poran encourages entrepreneurs to take the first step: “If you have an idea, start. Every successful business begins with that initial step support is available, and we’re here to help you thrive.”
She underscores that shifting from a hustle mindset to a strategic approach is vital, stressing the importance of continuous customer focus and repeat business for long-term success. “We salute every entrepreneur who has taken this journey, and we invite more to join us.”