President William Ruto is today launching the Hustler Fund which was one of his main campaign promises during campaigns at the Green Park in Nairobi. The President arrived at the Green Park accompanied by the deputy president Rigathi Gachagua, Nairobi governor Johnson Gachagua and several cabinet secretaries.
The president 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.