The much-anticipated launch date of the Hustler Fund was adjusted by President William Ruto, who also imposed new limitations on the amount that can be borrowed.
The project was accepted by the Cabinet at a meeting on Tuesday, November 15 that was presided over by the President.
Ruto announced the new launch date, moving it up from December 2022 to Wednesday, November 30.
The Cabinet also gave its stamp of approval to the necessary legislation and agencies to set up and operate the hustler fund.
Kenyans will also borrow as low as Ksh500 and a maximum of Ksh50,000.
Each applicant’s credit score will determine his or her maximum loan amount, and an annual percentage rate of 8% will be applied to the loan principal and interest.
The loans are restricted to citizens of Kenya who are 18 or older and who possess a valid national ID and KRA pin.
Loan applicants must be legitimate, registered groups that do not have annual revenues exceeding Ksh100 million.
As part of his election platform, Ruto vowed to create a Ksh50 billion fund to help small and micro businesses get the financing they need to get started and grow.
The President has characterized the program as a step toward a Bottom-Up economic model in which all citizens have equal access to growth capital.
“Credit products will be available under the hustler fund to small businesses on digital platforms at affordable rates, being single-digit rates, to individuals through chamas, saccos and cooperatives,” Ruto promised on October 20.
“All borrowers in this platform will not only access affordable credit but also participate in short-term saving plans and long-term pension planning,” he added.
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