Top ‘hustler’ now receiving Sh35,000 loan from fund, Chelugui reveals
The highest beneficiary of the Hustler Fund is now getting Sh35,000 after borrowing 24 times, Cooperatives and MSME Development Cabinet Secretary Simon Chelugui has said.
Speaking to People Daily, Chelugui (pictured) said the beneficiary whom he described as a “hustler” will likely hit the maximum Sh50,000 ceiling set for the personal product.
He said the beneficiary grew his loan gradually from the day the product was launched by President William Ruto last November.
“It is a good sign, it shows that we are moving in the right direction,” he said.
“We have people in our records who borrow Hustler Fund at 4am and repay at 9pm. They have shown great self-discipline and I can say that Hustler Fund was tailor made for them such loyal and trustworthy Kenyans,” he stated.
At the same time, Chelugui said 21 million Kenyans have so far borrowed from Financial Inclusion Fund adding that a total of 32 billion has been disbursed.
“The repayment now stands at Sh22 billion and the savings account is Sh1.7 billion,” he said. “The Hustler Fund is giving Kenyans at the bottom of the pyramid a cheaper alternative, no collateral and no guarantors,” he stated.
And for the group product which President Ruto launched during Madaraka Day on June 1, Chelugui said 344,978 groups have been created and 817,884 members approved. Some 408,371 members are waiting approval.
So far, Sh110.4 million has been disbursed with repayment with some Sh2.2 million repaid. Savings collected from the groups’ product stands at Sh5.5 million.
The third product for Small and Medium Enterprises (MSMEs) will be launched in November, CS Chelugui said.
“Our projection is that we’ll give them between Sh50,000 and Sh2 million but you must have demonstrated a good track record from the personal product all the way,” he explained.
The Hustler Fund was one of key campaign pledges that propelled the Kenya Kwanza coalition to power last year.