Africa-Press – Kenya. Kenya Kwanza’s Hustler Fund will be up and running by December, President William Ruto has reaffirmed.
He said Sh50 billion annual kitty will be channeled towards supporting micro, small and medium, enterprises (MSMEs).
“The Hustler Fund will be ready by December. It will be accessed through Saccos without any security. Get ready for single-digit interest rate lending,” he said.
Ruto said the fund would benefit low-income earners popularly referred to as ‘hustlers’ without collateral.
The funds will be channeled through credit societies and investment groups.
The President made the assurance on Saturday when commissioning Thiba Dam in Kirinyaga county.
During his inauguration, Ruto stated that the establishment of a Hustler Fund will provide cheap and easy loans to the wananchi.
The funds will benefit members of savings and credit cooperatives (SACCOs) to provide start-up and growth capital for small businesses.
“We shall implement the hustler fund dedicated to the capitalisation of micro, small and medium enterprises through chamas, saccos and cooperatives to make credit available on affordable terms that do not require unnecessary collateral,” Ruto said.
The head of State also mentioned that the funds will be extended to women and people living with disability.
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