With a new Kenya government in place, plans to launch the hustler fund are fast gathering steam. The Kenya hustler fund was one of the campaign promises made by President William Ruto during the election campaign period. Below is the process of how to apply for the Kenya Hustler Fund.
In his recent remarks, the president said that the fund will be ready for rollout by December. However, there are a few conditions before accessing these funds.
Some of the Key requirements include;
- Be a member of a registered Chama
- A member of a Sacco
- Individual business person
Although the final details are yet to come out, you should belong to any of the listed categories to qualify for the fund.
Benefits of the Kenya hustler fund
1. Low-interest rates- the fund promises to offer lower rates than those from commercial institutions such as banks. The president has repeatedly said the rates will be a single digit. This can only mean less than 10%.
2. Every Kenyan is eligible – Every Kenyan will be eligible to get the fund. No one will be limited due to factors such as CRB listing that has made some Kenyans unable to access credit.
3. Convenient to access– Sending the funds to your mobile money wallet makes it not only convenient but also efficient. This will make it easier for Kenyans without a bank account to access the funds.
4. Flexible payment timelines – As a loan, you will be required to pay it back with the applying interest. However, this will be flexible. As an example, you can start paying once the business is profitable.
5. No security requirement– Getting a loan from the Kenya hustler fund will not require you to have security. This makes it easy for millions of Kenyans the lack security to access funding.
How to apply for the Kenya Hustler Fund
Step 1: Application process.This will involve submitting your application which will then undergo vetting of business and business proposal to confirm if you qualify for the loan.
Step 2: Review of the limit. Upon application and review, the team in charge will review and allocate a limit based on your ability.
Step 3: Disbursement . After a limit allocation, the disbursement will be done to your mobile wallet such as M-Pesa.