The Hustler Fund is one of the campaign promises that propelled Dr. Ruto to Presidency. The fund, which is similar to the Youth Fund, which promised to create employment opportunities for young people through entrepreneurship and encouraging them to be job creators and not job seekers, promises to provide a boost to existing Kenyan businesses.
This is not exactly what was promised during the campaigns, but it is something.
So what should you know about the Hustler Fund?
- Ksh50 billion Hustler Fund is a way ordinary Kenyans will receive low credit facilities from the government.
- Hustler Fund was a promise by President Ruto before he clinched the Presidency in August polls.
- The fund was launched on Wednesday, 30th November, 2022.
- The Sh50 billion fund is part of President goal of uplifting small and medium-sized enterprises (SMEs) through “Bottom-up” approach.
- The fund does not have a processing fee.
- You can apply to the loan using the USSD code *254#
- Kenyans will get between a minimum loan of Ksh.500 to as high as Ksh.50,000
- The Hustler Fund interest rate will be 8% on a pro-rated basis (or daily rate of 0.002 per cent)
- An approved Hustler Fund loan will be disbursed to a customer’s mobile money account (the likes of MPesa, Airtel)
- A customer will only receive 95% of the approved Hustler Fund loan, which is deposited the mobile money wallet.
- 5% of the approved Hustler Fund loan shall be deposited to a borrowers savings account scheme of the Hustler Fund.
Kenyans should use the advanced funds responsibly, not to pay rent or something related.