The Kenya Kwanza government under the leadership of H.E President Ruto has shown utmost dedication to improving the common Mwanachi’s life, through various programs and development projects that impact them directly on the ground. President Ruto has encouraged Kenyans to listen to their entrepreneurial spirits, going a step further to create the Hustler Fund.
The Hustler Fund – Individual Loans.
At least Sh35 billion Hustler Fund has been disbursed to 21 million beneficiaries since it was launched. This is 21 Million Kenyans who have been able to access loans and capital for their businesses without delay and much bureaucracy, 21 Million Kenyans who have been able to pay a bill or two in a time of emergencies without fearing harassment from lenders.
The Hustler Fund for individuals, many Kenyans have been reported saying, has enabled many to grow their businesses and incomes.
The President has also kept his promise to have Kenyans listed as bad borrowers in the CRB delisted. This leaves them with a chance to start their financial and credit scores on a clean slate, allowing them to borrow from financial lenders.
Hustler Fund – Group Loan.
Following the success of the individual Hustler Fund, Group Micro Enterprise Loan Products comes in, launched in June by H.E President Ruto. This is a product aimed at groups of business people with at least 10 members engaging in a common economic activity.
Each member has to be a Kenyan citizen, having not defaulted on the Personal Loan Product.
The President said that this is a product that is aimed at giving chamas and Sacco seeds capital and helping them overcome challenges encountered when small businesses seek to borrow from traditional lenders.
The fund, according to President Ruto is meant to ensure businesses have access to affordable credit. In a bid to create more jobs, grow development-oriented businesses, and increase earnings and government revenue, the Hustler Group Loan product will lend between 20,000/- to 1,000,000/- to chamas and businesses across the country.
The WEF.
In 2023, it was reported that Ksh. 830.56 million has been disbursed to 16,714 groups across the country, Ksh. 41.5 million as group savings with Ksh. 40.4million being repaid. The fund continues to pave the way for thousands of women across the country, encouraging more women to be brave in their endeavors.