Second Phase of Hustler Funds and Beneficiaries. Government is in the final phases of preparing for the launch of the another phase of the Hustler Fund targeting Small and Micro Enterprises.
His Excellency President William Ruto while speaking in Meru CountyMeru County yesterday said the hustler Funds loans will be accessible only to business entrepreneurs by next month.
The President gave an assurance that the second phase of Hustler Fund that will be accessible to business owners will be rolled out in the next few weeks.
This comes one month after the launch of the Individual Micro Loan Product under the Hustler Fund during the Women Enterprise Fund (WEP) Digital on third of February this year.
The business owners will be able to borrow between one hundred thousand and two point five million shillings in the second phase of the Hustler Fund microloan product and will mainly be done via commercial banks and Credit Co-operative Societies (Saccos).
According to the Head of State, President Ruto, the microloan product stemmed from the success of the general Hustler Fund which has so far disbursed twenty six billion shillings.
In Meru alone, borrowers have taken up to eight hundred and thirty five million, and over one point three five billion has been saved countywide.
The president congratulated the residents of Meru being good business people. Out of the 835 million borrowed through hustler funds, sixty eight per cent of that money was paid on time.
The president promised to commit fifty billion per year to provide MSMEs with 100 per cent access to affordable finance through Saccos, venture capital, equity funds, and long-term debt for start-ups and growth-oriented SMEs.
The SMEs loan aims at promoting investment and financial instruments targeting the millions who are unemployed, hustler enterprises, and farmer groups. Second Phase of Hustler Funds and Beneficiaries.
