Hustler Fund is set to deliver affordable loans to micro, small and medium enterprises (MSMEs) as promised by His Excellence the President Dr. William Samoei Ruto during his campaign time.
The official launch of hustler fund will be on 30th November,2022.
Hustler loans - Loan Limits, Disbursement and Interest Rate
The fund will be allocated a total sum of KES 50billion (US$419million) which all go to the hustlers across the nation in the form of affordable loans in amove to achieve the bottom up agenda.
Loan amounts disbursed to each applicant will vary depending on the customer's business needs. It will be enough money at least to make business grow and create employment and empower both youths and women in Kenya.
The minimum loan amount will be sh. 500 while the maximum hustler fund loan will be sh. 50,000
How loans will be disbursed to borrowers? A hustler fund USSD code and a hustler fund mobile app will be introduced and the money will be disbursed via mobile money wallets to make it easily accessible. The President already talked to the participating major mobile loan companies - Safaricom, M-Pesa, M-Shwari (NCBA Bank), KCB M-PESA.
Upon parliament approval borrowers will be able to get hustler loans via M-PESA, M-Shwari or KCB M-Pesa , Airtel money and T-Kash.
Hustler loans interest rate will be 8% , a single digit. The President promised to keep the interest rate low to make the loans affordable to everyone who is a hustler.
One digit interest rate means the loans will be charged from 1% to 9% ( (confirmed 8% ) . It should not go beyond 9%.
Hustler Fund Loans Video
See the Hustler Fund Loans details in video form from our Loans vLog YouTube Channel;
Who Qualifies for Hustler Loans
Many Kenyans running MSMEs will be eligible to benefit from the hustler Fund loans.
Ruto ordered the removal of over four (4) million CRB blacklisted individuals and also promised to amend the way CRBs work. This move will further ensure many Kenyans qualify for the loans.
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