Hustlers’ Fund to range between Ksh500 to Ksh50K
President William Ruto on Tuesday convened a meeting with his Cabinet Secretaries to swiftly implement among other things the Financial Inclusion Fund otherwise known as Hustlers’ Fund.
In a press release, the loan which is meant to be rolled out on November 30 will be determined by the borrower’s credit score and will range between Ksh500 to Ksh50,000 at an interest of 8 per cent.
"As part of the first phase of this roll-out that is expected to be unveiled and launched to the nation on November 30 2022, the loan limits will be a minimum of Ksh500 up to a maximum of Ksh50,000.00. As the first single-digit credit product in the Country and the region, the loan interest rate will be capped at 8% per annum computed on a pro-rated basis," part of the statement read.
At the same time, the Cabinet approved the proposed establishment of the Centre for Entrepreneurship within Kenya Industrial Estates aimed at creating more job opportunities.
The project which targets 250,000 youth entrepreneurs across the nation will provide them with information on brand campaigns, websites and call-ins to the centre.
"The Programme will target 250,000 youth entrepreneurs aged between 18 and 35 across the country Additionally, 100,000 youth entrepreneurs will access in-depth screening services (coaching, mentoring and career guidance). Overall, this seminal project is expected to create over 50,000 direct and indirect jobs," the statement further indicates.
Tuesday’s meeting was the second time Ruto’s Cabinet had assembled just five days after the previous one.
