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Wednesday, November 16, 2022 – President William Ruto has changed the launch date of the much-anticipated Hustler Fund and also set new limits for borrowers.
In a statement sent to newsrooms, Ruto set Wednesday, November 30, as the new launch date, bringing it forward from December 2022.
Members of the Cabinet also approved the legal and institutional framework for establishing and implementing the hustler fund.
Kenyans will also borrow as low as Ksh500 and a maximum of Ksh50,000.
The limit to be offered to an individual will be calculated based on one’s credit score, with each principal amount attracting an interest rate of 8% annually.
Only Kenyans who have attained 18 years and above with national identity cards and KRA pins will access the loans.
Besides, you will have to part with a certain percentage of the money as savings.
Registered groups and organizations applying for the loan should not have a turnover of more than Ksh100 million.
The last-minute introduction of credit scores and the interest rate to the Hustler Fud is likely to lock out many real hustlers who had thought they would access the money for free without any conditions.
The fund is part of Ruto’s campaign pledges in which he promised a Ksh50 billion kitty to support small and micro enterprises to access affordable credit to initiate and sustain their business.
The Kenyan DAILY POST.