70% of Hustler Fund Will Be Reserved for Women – Gachagua

Deputy President Rigathi Gachagua on Friday, November 18, expressed his confidence that women would take up 70 per cent of the Hustlers fund. 

While speaking in a meeting with representatives of the United Nations (UN) agencies in Kenya, Gachagua revealed that 50 per cent of the Hutlser Fund will be reserved for women. 

He added that Kenyan women are hard-working nature and enterprising, as such, they are capable of taking up to 70 per cent of the funds. 

“In Hustler’s fund, 50 per cent, is reserved for the women of Kenya. And even if it was not reserved, they would be the beneficiaries, they would take more than 70 per cent of that fund,” he stated. 

Deputy President Rigathi Gachagua addressing citizens at the Agricultural Society of Kenya Mombasa International Show at Mkomani Showground on Thursday, November 3, 2022.

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The DP further noted that Kenyan women have always exhibited high levels of integrity in business, and would be able to repay the loans as required.

“We are very happy that they will take most of these funds because they will repay. They know that the money is not for free,” he added.

In addition, the DP pleaded for help from international partners in sustaining the fund and the larger “Bottom-up” economic model. 

He also reaffirmed President William Ruto’s plan to empower micro small and medium enterprises (MSMEs) as promised in the campaigns. 

“We shall implement the Hustler Fund dedicated to the capitalisation of micro, small and medium enterprises through chamas, SACCOs and cooperatives to make credit available on affordable terms that do not require unnecessary collateral,” he added. 

The announcement by DP Gachagua came days after President Ruto’s cabinet ratified the structure of the fund in a cabinet meeting held on Tuesday, November 15. 

The cabinet resolved that Hutlsers fund loans will be capped at Ksh50,000 for individuals. The CSs also agreed that eligibility for the fund would be based on credit scores. 

Hustlers Fund was part of President Ruto’s campaign agenda in the August 2022 General Election.

The ministry of Co-operatives &  MSMEs, under the stewardship of Simon Chelugui has since been tasked with the responsibility of implementing the fund.

Cooperatives and Micro, Small, and Medium Enterprise Development CS Simon Chelugui appearing before the National Assembly Committee on October 22, 2022.

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