The initiative, organized annually by the BK Foundation in partnership with Inkomoko Rwanda, is aimed at helping small and medium-sized enterprises across various sectors thrive.
In addition to financial support, the winners of the competition receive six months of training, consulting, and business advisory services, which enable them to grow their businesses, create jobs, and secure long-term sustainability.
This year's edition marked a significant milestone as, for the first time, all five winners were women.
BK Foundation Executive Secretary, Ingrid Karangwayire, highlighted the importance of supporting women entrepreneurs, recognizing their vital role in the country's development.
The five winning entrepreneurs were selected from 12 participants who recently showcased their projects after completing the six-month training program.
The selected businesses come from a range of sectors and are based in Kigali City, Musanze, Gicumbi, and Kayonza districts.
Emmanuel Mugabo, CEO of Inkomoko Rwanda, explained that the training provided these entrepreneurs with the tools to better manage their resources, streamline their operations, and improve profitability.
Christelle Uwase, who runs a potato seedling multiplication project in Gicumbi District, was awarded a Frw7 million loan.
She expressed her gratitude for the support, stating that the funding would help expand her business and increase the quantity of seedlings produced to meet the growing demand from local farmers.
Alphonsine Uwamariya, who operates a sanitary products business in Kayonza District, also benefitted greatly from the program.
She shared that the BK Urumuri training helped her realize the importance of marketing her business more effectively.
'Before, we didn't engage in extensive marketing; we waited for customers to come to us. After the training, I learned that I could go out to different places, talk to people about what I do, and promote my business on social media, which has attracted more customers,' Uwamariya explained.
Yvette Umutoniwabo, who runs a mill in Kigali, also expressed her gratitude for the support, stating that the funding would allow her to increase her production capacity.
'This money will help me purchase a machine that will increase the output of my factory, allowing me to increase production from 15 tons per month to 25 tons per month,' she said.
Alphonsine Twizerimana, a vegetable and fruit farmer from Musanze, plans to integrate more technology into her farming practices with the support of the loan. She expects this investment will enable her to increase her monthly output from 250 kilograms to 750 kilograms.
The BK Urumuri Initiative, launched in 2017 to mark the 50th anniversary of the Bank of Kigali, aims to support young entrepreneurs in developing projects with the potential to grow into successful businesses in the future.
Since its inception, the BK Urumuri Initiative has provided over Frw234 million in interest-free loans to emerging entrepreneurs, furthering its mission of fostering entrepreneurship and driving economic growth in Rwanda.
The BK Foundation has emphasized that the program will continue to support entrepreneurs to grow their businesses and contribute to the country's economic development.
IGIHE