President William Ruto has said the KES 50 billion Hustler Fund he promised during campaigns will be up and running by December this year.
Speaking at the inauguration of the Thiba Dam in Kirinyaga, President William Ruto said the Hustler Fund will help in lowering the cost of credit for small businesses, ensuring that everyone can borrow money at a reasonable rate and hence resolve the shortage of resources for managing small businesses in the country.
“I want to assure Kenyans that the Plan to implement the Hustler Fund will be ready before December this year. We are already amending and testing it, and when I am doing all this planning, you also need to organize yourselves in terms of enrolling into Saccos, groups, and cooperatives.” William Ruto, in his speech
He further said he has put in place a specific department to handle cooperatives, Small and Medium-Sized Enterprises (SME), Chamas, and Saccos.
“The Fund will be ready by December. You will access the money through groups and the Savings and Credit Co-Operative Society (Saccos), you have to be ready. We do not want to charge high-interest rates that is why we are thinking of a single-digit interest rate,” said the Head of State.
President William Ruto made the pledge to create a Hustler Fund in his 2022 campaign manifesto and followed up the commitment in his inauguration speech on September 13.
He said individuals in the low-income bracket, he called “hustlers,” will have access to affordable credit for their businesses through the proposed fund.