NAIROBI, Kenya, May 1 — President William Ruto has announced plans to increase the Hustler Fund credit facility to a maximum of Sh200,000 beginning June.
Speaking Monday during the Labour Day celebrations at Nairobi’s Uhuru Gardens, Ruto said that the credit facility which targets Micro Small and Medium Enterprises (MSMEs) will be collateral-free and based on credit history.
“Beginning next month, we will launch the second phase of Hustler Fund, in which you, as a kiosk owner, barbershop operator, or boda-boda operator, will be able to borrow from Sh10,000 to Sh200,000,” he said.
The increment will see those borrowing access from Sh10,000 to upwards of the Sh200,000 maximum.
The Head of State went on to say that to address the challenges of small businesses, his administration established the Ministry of Cooperatives and MSMEs to help resolve challenges of access to credit.
He added that since the unveiling of the Hustler Fund, Sh27 billion has been lent in just six months adding that borrowers had paid Sh17 billion so far.
The Head of State revealed that about 15 million Kenyans had borrowed via the Hustler Fund facility since its inception.
President Ruto said the financial support will also enable small business operators an ability to employ other people.
The Hustlers Fund was part of President Ruto’s campaign promise to uplift Small and Medium-Sized Enterprises (SMEs) by facilitating access to affordable credit.
In regard to employment opportunities, the Head of State said that his government is keen to establish a digital superhighway in the country to tap into the digital economy.
The President said that the government is working with the Technical and Vocational Education and Training (TVET) and has so far acquired 20,000 computers adding that his administration will collaborate with local leaders to set up digital hubs in every ward in the 47 counties.
He pointed out that the move will play a critical role in creating more jobs for the youth in the country.
“There exists plenty of job opportunities in the technology sector. The reason why we are expanding our digital footprint across the country is because we want to tap and connect our young people with digital jobs that will be possible under the whole program that connects young people to jobs anywhere in the world,” he said.
