NAIROBI, Kenya, Nov 18 – Deputy President Rigathi Gachagua says 50 percent of the hustler fund has been reserved for the women of Kenya because they are very hardworking and enterprising.
Speaking on Thursday during a meeting with representatives of all the 25 United Nations agencies resident in Kenya at his Nairobi office, Gachagua said that even if the funds were not reserved, women would still get more than 70 percent of the funds because they are honest, and they will therefore repay.
“Hustler’s fund, 50 percent, 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 percent of that fund,” said the Dp.
“The women of Kenya are very hardworking and very enterprising. They are also of very high integrity that we are very happy that they will take most of these funds because they will pay. They know the money is not for free,” he stated.
The Dp while drumming up support for the bottom – up economic model further requested for aid from the UN representatives, adding that the aim of the bottom – up model was to look at the needs of everyone.
“Again, we seek your help in strengthening the hustler’s fund. And that is one of the ways of the bottom-up economic model in making sure no one is left behind,” remarked Gachagua.
Gachagua’s sentiments follow media reports that the hustler fund loan defaulters would be fined up to Sh 10 million, claims that were later today refuted by Co-operatives & Micro, Small and Medium Enterprises (MSMEs) Cabinet Secretary Simon Chelugui.
“We have seen media reports claiming that loan defaulters will be fined up to Sh10 million. There is no such a thing. The penalties outlined in the regulations which is the normal BFM regulations target funds officials who may embezzle or misappropriate the funds,” said Chelugui.
Hustler Fund seeks to offer single-digit interest rate loan facilities to small businesses such as “mama mbogas”, boda bodas, among others.
The Sh50 billion fund is part of the President’s goal of uplifting small and medium-sized enterprises (SMEs) through “Bottom-up” approach.
Last month, President William Ruto said plans were underway to operationalize the fund by December 1, 2022.