On Tuesday, President William Ruto announced his plan to establish a fund that will assist low-income earners, commonly known as “hustlers,” with collateral-free cheap loan to start businesses.
William Ruto had pledged throughout his campaign to infuse billions of shillings into sectors like the Boda Boda and small businesses in order to create a new economic order that would address youth unemployment and a lack of opportunity.
He declared the creation of a fund known as the Hustler Fund, which will offer unsecured, low-interest loans.
“We shall implement the hustler fund dedicated to the capitalisation of micro, small and medium enterprises (MSMEs) through Chamas, Saccos and Cooperatives to make credit available on affordable terms that do not require unnecessary collateral,” said the President on Tuesday.
The members of savings and credit cooperatives will gain access to this funding, which will be used to support new business ventures and expand existing ones.