President William Ruto has officially confirmed Hustlers Fund is to be launched on December 1. He has outlined three key issues that Kenyans should address before the Hustlers Fund program.
The interest rate is going to be very minimal for the loan offered under this program. In an official statement, President cleared that the Hustlers Fund interest rate will be in Single digits.
The funds under the Hustlers Fund scheme are meant to help Kenyans start businesses.
Ruto further noted that the loan products offered by the hustler fund will be offered to small businesses via online platforms at rates which are very competitive; it will also be offered to individuals through chamas, saccos and cooperatives.
How to Apply for Hustlers Fund
Kenyans will enrol will benefit by saving money in the short run and being able to access various pension plans.
As a result, all the borrowers will have access to affordable credit and can plan for short- and long-term financial planning, the President said.
Ruto said that government will make sure that savings made by borrowers are merged with other borrowers’ savings at a rate that would allow the government to decide on a maximum loan amount that will be offered to them.
Everything that borrowers save will be put to good use by the government on a 2:1 basis to enable the government to decide the level of support that will be given to them.
If there are enough people who meet the eligibility conditions, you can apply for a loan under this program. When the application procedure is launched for this program, the details will be cleared.
It may be that a dedicated portal for Hustlers Funds will be launched for accepting applications. All the details will be clear after the Government issues an Official Notification on the program. Until then, all the members of credit societies and investment groups must have the required memberships
In order to benefit from the Ksh.50 billion a year that the government plans to give to small businesses, borrowers should have backed up their plans with the help of people who are already in the sector.
Hustlers Fund Portal
If you are looking for a dedicated website for the Hustlers fund, it is yet to be launched. Once the portal is officially launched, you will get details right here.
Applying for the Hustlers Fund in Kenya is a two-step process. The first step is to complete an online application form, which is available on the website of the Kenyan Ministry of Youth and Sports. The second step is to submit a written application to the Fund secretariat.
Both the online application form and the written application must be submitted by the same deadline, which is currently set at the end of February each year.
The online application form requires applicants to provide their personal details, contact information and a brief description of their business idea. The written application must include a detailed business plan, financial projections and a CV.
The decision on whether an applicant will be awarded funding is made by a panel of experts, who will assess the applicant’s business idea and decide whether it is viable and likely to succeed. Applicants who are successful in securing funding will be notified within two months of the deadline.
If you are a young entrepreneur with a great business idea, then make sure you don’t miss the deadline for the Hustlers Fund and follow the process to apply today.