Following the Cabinet's approval on Tuesday, November 15, disbursement of the Ksh50 billion annual Hustlers' Fund kitty has been set to commence on December 1, 2022. 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 annum.
Initially the communication from the cabinet had indicated that the loans will range from a minimum of Ksh500 to a maximum of Ksh50,000. President William Ruto would later on Wednesday clarify that the Ksh50,000 maximum was set for individual borrowers and that other categories would have a higher limit.
As such, it is now understood that the Hustlers Fund will offer three types of loans, or rather will loan on three different levels.
"The amount of money available on the personal loan platform is Ksh500 - Ksh50,000. The next product for chamas will start from Ksh50,000 to Ksh250,000, then the next one will climb up like that as we continue to roll out the fund," Ruto stated during a Kenya Kwanza Parliamentary Group meeting at State House.
The details on the eligibility process for loans to groups and small enterprises remain scanty.
Loans from the Hustlers Fund will be accessible through financial institutions like banks, microfinance institutions, and Saccos.
This article will go over the requirements and how to apply for the hustler fund as an individual.
All Kenyans interested in applying for the hustler fund should meet the following criteria;
Loan amounts from the Hustler Fund will range from Ksh500 to Ksh50,000 for individuals.
The loan amounts disbursed to each application will differ based on the customer's business needs.
If you meet the eligibility requirements, you can apply for a loan once it's rolled out. Here is the application process;
1. Form a women's or a youth group.
2. Create a business proposal.
3. Produce a Certificate of Good Conduct.
4. Provide your home address.
5. Collect the signatures of four guarantors. You must be related to two people.
6. Sign a nondisclosure agreement to serve a jail term for defrauding the government if you fail to repay within 6 months
7. Open a bank account with National Bank or KCB.
8. Produce your KRA Pin.
Furthermore, after the program is launched in December 2022, further information about the application will be provided.