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All systems go as Ruto unveils Hustler Fund

The Star logo The Star 30/11/2022 by ALLAN KISIA
  • During campaigns, Ruto promised to help ordinary Kenyans have easy access to affordable credit for their businesses.
  • Objectives of the fund include creating jobs, strengthening the economy and empowering investors both domestically and internationally.

President William Ruto will on Wednesday move to actualise the Hustler Fund, one of his pet agendas during campaigns.

Ruto will unveil the Fund at Green Park in Nairobi to fulfil a commitment he made to help ordinary Kenyans have easy access to affordable credit for their businesses.

He outlined three objectives of the fund, which are mainly to create jobs, strengthen the economy and empower investors both domestically and internationally.

Disbursement of the Sh50 billion annual Hustlers' Fund kitty has been set to commence on Thursday. The funds, which are available to individuals, groups, small enterprises and co-operatives will be offered at a one-digit interest rate of 8 per cent per annum.

Initially, communication from the Cabinet said the loans will range from a minimum of Sh500 to a maximum of Sh50,000.

Ruto would later clarify that the Sh50,000 maximum was set for individual borrowers and that other categories would have a higher limit.

Loans from the Hustlers Fund will be accessible through commercial banks, microfinance institutions, and SACCOs.

The Kenya Kwanza administration has argued that the majority of small and medium-sized enterprises collapsed due to a lack of adequate and cheaper funding.

The President campaigned on an agenda of a new economic order that would address unemployment and the lack of opportunities for youth.

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