Deputy President Rigathi Gachagua has revealed that women will be the biggest beneficiaries in the Hustler fund, as they will take up to 70 percent of the fund.
Speaking on Thursday during a meeting with United Nations agencies, Gachagua said women are hardworking, honest, and will pay back the loans easily.
“At least 50 per cent of the Hustlers Fund is reserved for the women of Kenya and even if it was not reserved, they are the beneficiaries. They will even take up more than 70 per cent of the fund,” he said.”The women of Kenya are very hardworking and enterprising. They also have very high integrity. We are happy that they will take most of this funds because we know they will pay, they know the money is not for free.” He added.
The first phase of the fund is set to be rolled out on November 30 by President William Ruto.
Individuals will borrow from Ksh 500 up to Ksh 50,000 while Saccos and Chamas will borrow from Ksh 50,000 upwards to Ksh 250,000.
President William Ruto in his inauguration speech in September stated that the establishment of the Hustler Fund will provide cheap and easy loans to the Kenyans.”We shall implement the Hustler Fund dedicated to the capitalisation of micro, small and medium enterprises through chamas, saccos and cooperatives to make credit available on affordable terms that do not require unnecessary collateral,” he said.
President Ruto stated that the Sh50 billion annual kitty will be used to help micro, small, and medium-sized businesses (MSMEs).