The Hustler’s Fund’s Biashara Loan, a scheme for financial inclusion, has been introduced by President William Ruto.
At the Kenyatta International Convention Center in Nairobi, during the World Women’s Day celebrations, Ruto unveiled the new product.
According to the Head of State, the loan will be given to Micro, Small, and Medium-Sized Businesses (MSMEs) with capital requirements between Ksh10,000 and Ksh200,000.
Ruto announced, “We are now releasing the Individual Micro Business Loan Program.
Entrepreneurs who are interested in starting a business must register it with the Business Registration Service (BRS) and supply pertinent information, such as the business’ name and the identity of the owner.
The government will use criteria defined in a specially built algorithm to determine each applicant’s financial requirements at the time of registration.
The President also stated that the loans will be available in a variety of options depending on how much time an entrepreneur needs.
Depending on the type of your business, there will be loan packages with terms of three months, six months, and nine months, according to Ruto.
How to Use
By dialing the USSD code *254#, which is also used to access ordinary Hustler’s Fund loans, you can get the loan.
Choose the Hustlers fund (Option 1).
Choose Option 2 for the Biashara Loan.
To register for a first-time application, choose Option 1.
Choose your industry from agriculture, trade, manufacturing, or services.
The President also announced the improvement of the current Women’s Funds, the Women Enterprise Funds, and their relaunch.
How to Use
You must belong to a recognized women’s group in order to receive benefits from the redesigned Women Business Fund.
In order to include the new products, the government modified the USSD code required to access the Hustlers Fund.
Use your phone’s dial code to enter *254#.
Choose the “Women Fund” option under Option 2.