While attending a church service in Kajiado on Sunday, June 25, President Ruto emphasized that even though he encourages Kenyans to form groups to access higher loans from the Hustler Fund, no one will be allowed to access the funds if they still have outstanding debts from individual borrowing.
Ruto stated that if any member of the group fails to repay their initial loan, the entire group will be denied access to further loans. He further asserted that if defaulters show no interest in borrowing from the group funds, he will find another way to ensure they repay their debts.
“I will wait for those who are not paying back the loan. I know where to find them. Some of you think that you can borrow the money individually and later form groups for additional loans. Some people are now stuck because they have to repay the previous loan before they can access subsequent funding from the Hustler Fund,” he explained.
Additionally, Ruto reiterated that his government has sufficient funds to support all business owners in the country through the Hustler Fund designed for small groups. He emphasized that businesses should not struggle as there is money available.
According to the President, the program is advantageous because it does not require individuals to provide documentation or collateral before borrowing.
“Why are you struggling when there is enough money to borrow? There is a Hustler Fund designated for groups. If ten of you come together, you can access that money and use it to grow your businesses. However, you must repay the borrowed amount.”
“This opportunity is available to any businessman in the country. We have money for you. I am pleased that the people of Kajiado have already borrowed up to Ksh800 million from the Hustler Fund, and over 70 percent of borrowers have repaid their loans,” he added.
During Kenya’s 60th Madaraka Day celebration, Ruto launched the second product of the Hustler Fund, which allows Kenyans to access funding through groups, enabling the growth of collectively driven competitive market enterprises.
“The Hustler Fund will utilize groups such as Chamas and Saccos to help people overcome barriers to credit, savings, social security, health insurance, and other socioeconomic amenities,” Ruto stated at the time.