Hustler Fund borrowers who have been making timely repayments can now access higher loan limits, Cooperatives and Micro and Small Enterprises Cabinet Secretary Simon Chelugui has said.
In a statement, the CS attributed the increase in borrowing limits to the tremendous growth of the Fund since its launch in November 2022.
CS Chelugui also said the raise is in line with a directive issued by President William Ruto on February 3.
The CS noted that the increase only applies to ‘Hustlers’ who have borrowed repeatedly and dutifully repaid their loans.
“The Hustler Fund will be reviewed every four months where individuals will be rated according to their repayment history,” CS Chelugui said in a statement.
The changes will be implemented on a case-by-case basis, with an individual’s borrowing record being referenced. An extension will also be granted based on how frequently the borrower borrows and repays the loan.
Those who are currently receiving a loan limit of Sh2,000 will now receive Sh4,000, and this applies to all limit caps.
“So far, the Hustler Fund has surpassed all projections and existing records in the financial sector —in just under three months. We have received positive stories from borrowers who have properly utilized their loans to stabilize and expand their business. This is very encouraging,” said CS Chelugui.
