Hustler Fund Is Not Free Money, You Will Repay
President William Ruto has set the record straight on the Hustler Fund that he promised during his presidential campaigns.
According to Ruto, the funds which are meant to aid Kenyans in doing business will be ready by December 1.
Speaking during a Sunday church service in Kericho County, the Head of State noted that the funds will not be availed as grants but as loans.
“On December 1 we will launch the Hustler Fund and so it is up to you now to organize yourselves into Chamas, SACCOs, cooperatives, or individually. It is not free money, it is business money that you will repay. We will eliminate shylocks and repayment will be at less than a 10% interest,” Ruto said.
Under Ruto’s plan, those seeking to benefit through the Ksh.50 billion annual kitties ought to have joined cooperative groups, which will act as their guarantors.
The Commander-in-Chief had earlier noted that the government had put up a ministry in charge of the funds to ensure accountability and that the funds reach everybody that they’re meant to.
The president also announced that in two weeks, Kenyans who have been blacklisted because of mobile money loans will be removed from the list.
“Give me two weeks, those blacklisted because of debts will be free. But you must work hard there is nothing for free. And if you try to steal government money we will see,” he said.