Government Unveils 8 Requirements For Hustler Fund Loan Application
As the government rolls out its first Hustler Fund beneficiaries on December 1, 2022. Here are some of the requirements that will be needed for you to apply;
1. Form a youth or women’s, group
2. Draft a business proposal
3. Produce Good Conduct Certificate
4. Share Residential address
5. Produce signatures from 4 guarantors. Two must be your relatives
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 KRA Pin certificate
President William Ruto, in his manifesto, said that the Hustler Fund would provide cheaper credit for micro and small businesses.
Though he had initially announced to Kenyans that the money would be distributed as loans, not grants, the Head of State later said, “It is not free money; it is business money you will repay…We want to ensure that Kenyans do not fall prey to shylocks who charge extremely high-interest rates on loans.”
Adding, “The money that will be borrowed from the Hustlers Fund will strictly be used by the small and medium enterprises to upgrade their businesses. If you borrow money from the Hustlers Fund, you will plunge it into business, and refund the government at an interest rate below 10 percent per annum.”
Ruto’s Ksh50 Billion Hustler Fund
With the Hustlers fund having a department in charge to ensure accountability, President Ruto said they would involve Parliament to formulate laws to govern operationalization.
“I hear some people saying committees are being formed to oversee the program’s roll-out. Let me be very clear. There is no committee being created to prepare for the Hustlers Fund. If you try to steal government money, then we will deal with you accordingly as per the law,” he opined.
The Hustler Fund is an Sh50 billion annual kitty.