Ruto to unveil Hustler Fund in four phases, business start-ups (Hustlers) to be last in the queue
Ruto is set to unveil the much-hyped Hustler Fund in four phases, with business start-ups (Hustlers) to be last in the queue.
The much-hyped Sh50 billion Hustlers Fund, according to Cabinet Secretary for Cooperatives and Small and Medium Enterprises (SMEs) Simon Chelugui, will be implemented in four phases.
Speaking on Monday while taking over the ministerial dockets, Chelugui said the government will start with a product geared at addressing personal finance and the final product will focus on supporting start-ups.
Four products on Hustler Fund
“We will begin by enumerating small and medium businesses, and on December 1, we are offering four products. The first products will be personal finance products that are currently under development. We believe beginning today we will not sit down, roll our sleeves and begin to work on a product,” Chelugui explained.
The CS termed the Hustler Fund as an intervention to address the biggest challenge among the youth and owners of small businesses.
The second product targeting micro-business will begin in early 2023, and it will be followed by another product targeting SMEs, and then start-ups.
“Micro-business will be supported through Savings and Credit Cooperative Societies (SACCOs) and the Chamas which are already in place. I have had a lot of discussions with SASRA, the regulator, and also the Commissioner of Cooperatives so that we can reach out to these established and organized collectives and we can be able to have an immediate impact by working with them,” he said.
Chelugui added the ministry is looking at avenues that will make credit products available to small businesses on digital platforms at affordable rates.
“In the end, we will be looking at the start-up, the young people in college and universities who have great ideas and may need support,” the CS said.
Also read,
Ruto locks out affiliate partners out of the powerful parliamentary service commission
Kenya staring at a huge unemployment crisis, Report
Elon Musk to charge $20/ Ksh2,500 Monthly for Twitter verification after take over
Follow us
