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HomeNewsHustler Fund Not for free takes effect December, says President Ruto

Hustler Fund Not for free takes effect December, says President Ruto

By Fridah Okachi

When Kenyans were in the campaign mood most of politicians came up with manifesto that could attract majority of voters.

Hustlers fund was one of them that President William Ruto used to sell it to the youths and women in this country saying that hustler fund will be free to person with low income, no job and small scale businessmen, if he wins the presidency.

In the article published on citizen digital website shows that President William Ruto proposed to disburse Ksh.50 billion to micro, small and medium enterprises should he ascend to power after the August 9th presidential race.

A screenshot published by citizen digital outlining how much will be disburse

In the same publication President ruto is quoted illustrating that no kenyan will be forced to have the security.

A screenshot by citizen digital on no security needed

After ascending to the power as the president of the republic of kenya on 20th October 2022 announced planning to operationalise the hustler fund from 1st December opening a window for small businesses to access cheaper credit. President Ruto’s administration has committed to provide loans to small firms such motorcyle transport operators and women owned ventures at single digit interest rates without collateral.

Benson Osunga a resident of kawangware who is eagerly waiting for the huslter fund said that with the help from a close friend has emerged that there are 8 requiments for the hustler funds.

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

Nairobi news publication on 8 requirements for hustler fund

This is well published in the Nairobi news.

Speaking in Ongata Rongai last month, President William Ruto announced plans to operationalise the Hustler Fund from December 1, opening a window for small businesses to access cheaper credit.
The money will be disbursed through the mobile phone applications.

“I have said from December 1 you need to be ready with your mobile phones, so what these people have been charging us I don’t know 200 percent, we’ll bring it down to 10 percent per year,” said Dr Ruto.

“Under the Hustler Fund programme, we will lower the interest to below 10 percent per year so you can save and when/if your business fails, after a few years you can get that money and boost your business,” added Dr Ruto.

 

This fact check was published by Mtaani Radio with support from Code for Africa’s PesaCheck and African Fact-Checking Alliance.

Kamadi Amata
Kamadi Amatahttps://mtaaniradio.or.ke
I am a digital content creator with niche in Health, politics, and Human Interest Features.
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