Government to launch second phase of Hustler Fund targeting SMEs in May

President William Ruto with Governor Kawira Mwangaza (in black) launching various County projects in Meru. [Phares Mutembei, Standard]

Government is in the final phases of preparing for the launch of the second phase of the Hustler Fund targeting Small and Micro Enterprises (SMEs).

While speaking in Meru County, President William Ruto on Saturday, April 22, said the loans will only be accessible to business owners by May.

“The second phase of Hustler Fund that will be accessible to business people will be rolled out in the next month,” Ruto assured.

This comes a month after the launch of the Individual Micro Loan Product under the Hustler Fund during the Women Enterprise Fund (WEP) Digital on February 3, 2023.

The second phase of the Hustler Fund microloan product will have borrowers access between Sh100,000 and Sh2.5 million, and will mainly be done through commercial banks and Credit Co-operative Societies (Saccos).

According to the Head of State, the microloan product stemmed from the success of the general Hustler Fund which has so far disbursed Sh26 billion.

 In Meru alone, borrowers have taken up to Sh835 million, and over Sh1.35b has been saved countywide.

“I want to congratulate the people of Meru because they are good business people. Out of the Sh835 million borrowed through hustler funds, 68 per cent of that money has been paid on time.”

The president promised to commit Sh50 billion per year to provide MSMEs with 100 per cent access to affordable finance through Saccos, venture capital, equity funds, and long-term debt for start-ups and growth-oriented SMEs.

 The SMEs loan aims at promoting investment and financial instruments targeting the millions who are unemployed, hustler enterprises, and farmer groups.

Ruto is in Meru this weekend overseeing the launch of various county projects.