You must have savings to access Ruto’s ‘Hustler Fund’

NAIROBI, Kenya - The much awaited ‘Hustler Fund’ which is meant to boost low-income enterprises across Kenya is set for its later this year. However, the fund kitty won’t be issued to Kenyans who lack savings.

“The hustler fund products will be available to small businesses on digital platforms at affordable rates to individuals and through Chamas, groups, SACCOs, and cooperatives. Every saving made by borrowers on this platform will be matched by the Government of Kenya on a 2:1 ratio to a level to be determined by the program.” Ruto revealed.

While addressing Kenyans during his first public holiday on Thursday this week as the head of state, President William Ruto hinted that his administration will launch the Hustler Fund by December.

“President Ruto “I will launch the Hustler Fund credit and savings  product on December 1 this year. All borrowers on this platform will also participate in a short-term savings plan and long-term pensions program.”

The Kenya Kwanza administration was elected on a hustle narrative that got most youth hooked to their slogan of lifting low-income groups.

They pledged to allocate KSH 50 billion to the ‘Hustle Fund’kitty to facilitate access to capital for low-end enterprises.

“I am aware that the most significant question in the streets, Boda Boda parking lots, and fresh produce markets are: When will the Hustlers Fund become operational? The Kenya Kwanza commitment to affordable credit was at the heart of our election campaign and by December this promise will be fulfilled,” he said.

The bottom-up economic blueprint is the engine of the new government. This s economic model focuses on empowering the underprivileged.

President Ruto’s five-year plan anchored the provision of affordable credit to small enterprises that continue to struggle to have access to sustainable and affordable credits to scale up their enterprises due to the high-interest rates charged by most financial lenders.

“We all know that raising start-up capital and access to markets are some of the biggest challenges for budding Kenyan entrepreneurs, with banks requiring collateral that most of them do not have,” comments Ruto.

Kenyans are struggling to cope with the high cost of living and the worst drought facing farmers hence food prices have skyrocketed.

Ruto’s administration is banking on the agricultural sector, however, the sector’s outlook remained gloomy owing to the worst drought in the last 50 years.

GAROWE ONLINE