A total of Sh17 billion has been borrowed from the Hustler Fund since it was launched on November 30, Co-operatives and SMES Cabinet Secretary Simon Chelugui has said.
Chelugui says the rate of borrowing will have exhausted the fund in the coming months.
“Since inception of the fund, 18.5 million Kenyans have borrowed Sh16.8 billion and repaid Sh8.4 billion. And Sh844.2 million saved which is 5 per cent of the total borrowed,” he said
The CS added that President William Ruto will later this month launch the second phase of the fund.
Chelugui said the high rate of borrowing indicates high appetite of funds by Kenyans to finance their enterprises as well as new opportunities to meet their financial obligations.
Also Read: Hustler Fund: Ksh9.6 billion Disbursed So Far, CS Chelugui
According to Chelugui, the second phase of the Hustler fund will cater for Saccos and other small institutions to give all Kenyans an equal opportunity to borrow at a small interest to boost their businesses.
“The second phase of the Hustler Fund will give borrowers access to between Sh100, 000 and Sh2.5 million. I wish to encourage Saccos to apply to disburse the funds in the second phase,” said Chelagui.
He observed that by investing in MSMEs and providing them with the financing they stand to grow and can help to create wealth and spur economic development.
