Bank of Kigali Plc and Inkomoko Entrepreneur Development launched the 5th edition of Urumuri Initiative today to identify and support 25 innovative businesses. Winners of the competition will access 6-months of training, consulting, and business advisory from Inkomoko, as well as the potential to access zero-interest loans from Bank of Kigali.
The Urumuri 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.
“At Bank of Kigali, we are committed to enhance entrepreneurs’ access to credit, thus supporting 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, Bank of Kigali CEO.
For this 5th edition, Urumuri is seeking promising Innovative Growing Enterprises, which have the potential to support Rwanda’s growth and to solve Rwanda’s most pressing needs of self-reliance, most particularly, those that create a positive social or environmental impact.
“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, Managing Director of Inkomoko. “At Inkomoko we value young entrepreneurs because they are a powerful source of innovation and the future of Rwanda.”
The Urumuri application deadline is on May 31st, and the 25 selected winners will start the Inkomoko Business Development accelerator on 14th June, 2021. Eligible businesses must be based in Rwanda, have an annual revenue that is less than 500M Rwf, 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 from all ages and nationalities.
To apply for Urumuri 2021 and the chance to win consulting and zero-interest loans, entrepreneurs can find the application link at www.inkomoko.com and contact +250 788 358 639 for any questions.
In 2020, a large 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 received 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.
Entrepreneurs can apply at www.inkomoko.com, starting today.