The government will next month launch the second phase of the Hustler Fund targeting Small and Micro Enterprises. Speaking in Meru on Saturday, President Ruto revealed that the loans will only be accessible to business owners by May.
“The second phase of Hustler Fund that will be accessible to business people will be rolled out in the next month,” Ruto assured.
This comes a month after the launch of the Individual Micro Loan Product under the Hustler Fund during the Women Enterprise Fund (WEP) Digital on February 3, 2023.
The second phase of the Hustler Fund microloan product will have borrowers access between Sh100,000 and Sh2.5 million.
The loans will be done through commercial banks and Credit Co-operative Societies (Saccos). Ruto explained that the extension of the loans to SME’s is as a result of the success of the general Hustler Fund which has so far disbursed Sh26 billion.
The President said that in Meru alone, borrowers have taken up to Sh835 million while a total of Sh1.35b has been saved countywide through the product.
“I want to congratulate the people of Meru because they are good business people. Out of the Sh835 million borrowed through hustler funds, 68 percent of that money has been paid on time,” he said.
