The government through the Treasury has announced the introduction on new Hustler Fund Loan Categories to provide additional enterprise and business facilities for existing mama mboga and boda boda saccos.
This is according to the 2024 Budget Policy Statement which states that a new Hustler Fund Loan Categories will be a policy initiative that will be geared at building on the gains the government has already achieved.
Current government data shows that Ksh151 million has already been disbursed to over 50,000 active groups as envisioned when the government rolled out the Hustler Fund’s group product.
“Building on the progress made, to support MSMEs, the Government will review and rationalise all business licences, establish MSME Business Development Centre in every ward, an industrial park in each county and business incubation centre in every TVET institution.”
However, the government did not disclose the requirements for these financial products. The amount each sacco will receive was also not revealed.
This will be achieved through the specific financial products set to be introduced by the government aimed at ensuring that mama mbogas and boda riders will fully reap from the Fund which was introduced to offer loans at favourable rates to low-income earners.
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Kenyans yet to access the current hustler fund and wish to apply for the same can use the following procedure to access the funds.
- Run the *254# USSD code on your phone which will direct them to the main menu.
- After accessing the menu, select the required amount if it’s within your limit and confirm loan details
- Enter your mobile money PIN to complete the process
NB:- The loans can also be accessed through mobile applications.