President William Ruto has changed the start date of the long-awaited Hustler Fund and also set new borrower limits.
In a statement sent to the newsroom, Ruto set Wednesday, November 30th as his new start date, brought forward from December 2022.
Ministers also approved the legal and institutional framework for the establishment and implementation of the Hustler Fund.
Kenyans also rent minimum Ksh500 and maximum Ksh50,000.
The limit offered to an individual is calculated based on the individual’s creditworthiness and accrues interest on the principal at an annual rate of 8%.
Only Kenyans over the age of 18 with a national ID card and KRA pin can access the loan.
You also have to part with a certain percentage of your money as savings.
The turnover of registered groups and organizations applying for loans must not exceed Ksh 100 million.
The last-minute introduction of credit scores and hustler fund interest rates could shut out many true hustlers who thought they had unconditional access to money. The fund was part of Ruto’s election pledge, pledging a total of Ksh 50 billion to enable small businesses to access affordable credit to start and sustain their businesses.