RUTO makes another U-turn on Hustlers’ Fund and hustlers are now disappointed – Why is he taking Kenyans in circles like this?

 

Wednesday, November 2, 2022 – President William Ruto has shifted goalposts yet again over the Hustler Fund which he promised during his campaigns.

After introducing interest in the fund contrary to what he promised during campaigns, Ruto has repackaged the Fund yet again.

This is after he announced four products within the package of Hustlers Fund which was not in the original plan.

While taking over the office as Cabinet Secretary for Co-operatives and Small and Medium-sized Enterprises (SMEs), Ruto’s CS Simon Chelugui outlined personal finance product, micro-businesses, MSMEs, and Start-up fund as the products that will form part of the package in the Hustler Fund.

“Majority of our Small and medium-sized enterprises collapsed due to lack of adequate and cheaper funding,” said Chelugui.

The Cabinet Secretary affirmed that the Ksh50 billion Hustlers Fund will be operational in December 2022, and will offer cheaper credit for micro and small businesses.

Hustlers’ Fund requires the setting up of special financing to be actualised through Infrastructure Fund, National Housing Fund, Settlement Fund and Social Welfare, as the key components of President Ruto’s major promise during the 2022 presidential campaigns.

During his vetting, Chelugui surprised hustlers when he said that there is no free money.

“The Hustlers Fund is not free money. It is money that will provide hustlers with affordable credit at a single-digit interest rate,” Chelugui stated.

Hustlers were hoping to get funds for free but were shortchanged after Ruto’s government moved to put many hurdles for one to get the funds, including being in SACCOs and having a business.