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Wednesday, December 7, 2022

Hustler Fund: How To Apply

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Hustler Fund of Ksh 50 billion is expected to be distributed on December 1, 2022. Individuals, organisations, small businesses, and co-operatives will be able to access the Hustler Fund at an annual interest rate of 8%.

Initially, the cabinet message said that the loans would vary from a minimum of Ksh 500 to a maximum of Ksh 50,000.

Later on Wednesday, President William Ruto clarified that the Ksh 50,000 restriction was set for individual borrowers and that other groups will have a larger cap.

As a result, it is now clear that the Hustlers Fund will provide three sorts of loans, or loans at three different levels.

  • Individual financing
  • Group loans and loans to small businesses and co-operatives

“Hustler Fund is offered on the personal loan platform in amounts ranging from Ksh500 to Ksh50,000.

The next product for chamas will range from Ksh50,000 to Ksh250,000, and subsequent products will follow suit as we continue to roll out the fund “Ruto made the remarks during a meeting of the Kenya Kwanza Parliamentary Group at State House.

Details on the eligibility criteria for loans to NGOs and small businesses are still few.

Hustlers Fund loans will be available through financial institutions such as banks, microfinance organizations, and Saccos.

Individual Requirements For Application

All Kenyans interested in applying for the hustler fund should meet the following criteria;

  • Be a permanent Kenyan resident.
  • Be at least 18 years old.
  • Have a valid Good Conduct certificate.
  • Belong to the low-income bracket group.
  • Be members of any of the credit societies or investment groups that will act as their guarantors.

Loan amounts from the Hustler Fund will range from Ksh500 to Ksh50,000 for individuals.

The loan amounts disbursed to each application will differ based on the customer’s business needs.

How to Apply

If you meet the eligibility requirements, you can apply for a loan once it’s rolled out. Here is the application process;

1. Form a women’s or a youth group.

2. Create a business proposal.

3. Produce a Certificate of Good Conduct.

4. Provide your home address.

5. Collect the signatures of four guarantors. You must be related to two people.

6. Sign a nondisclosure agreement to serve a jail term for defrauding the government if you fail to repay within 6 months

7. Open a bank account with National Bank or KCB.

8. Produce your KRA Pin.

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