President Ruto has clarified that the Hustlers Fund, which will be launched on December 1st, will be disbursed in the form of loans and not grants.
Ruto said the Sh50 billion annual kitty, which targets small and medium-sized businesses, will give collateral-free loans to cooperative groups at single-digit interest rates.
“On December 1st, 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 want to ensure that Kenyans don’t fall prey to shylocks who charge extremely high interest rates on loans,” Ruto said at a church service in Kericho County on Sunday.
He added: “The money that will be borrowed from the Hustlers Fund will strictly be used by the small and medium enterprises to upgrade their businesses. If you borrow money from the Hustlers Fund, you’ll plunge it into business, and refund the government at an interest rate below 10 percent per annum.”
Ruto said they will involve Parliament to formulate laws to govern the operationalization of the Hustlers Fund, adding that they have put up a department in charge of the funds to ensure accountability.
“I hear some people saying committees are being formed to oversee the program’s roll-out. Let me be very clear, there is no committee being created to prepare for the Hustlers Fund. If you try to steal government money, then we’ll deal with you accordingly as per the law,” he added.
The president 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 reach.
There you Have it. There is…
There you Have it. There is No PROMISED free Lunch. And if there is: Both UDAku and AZImio taxpayers Will Foot It.
I listened to the speech…
I listened to the speech that President Ruto gave in Kirinyaga about food creation in the country. It was wonderful to hear. The key to building the economy lies in Increasing the Productivity of Kenyans. It is good to hear that the govt has good plans on improving Agricultural Production and Value Addition in the country. All human beings in the world have to eat. Therefore we should maximize our potential in Agricultural Production and this will put money in the People’s Pockets as well as increase food production. The aspiration of the hustler fund is that people will start businesses and hopefully find good success in the process. In addition to all the good plans that we have, let us also continue to adopt a wise political ethic in the fight against corruption as well.
This is an fking turncoat!…
This is an fking turncoat! Don’t believe an ounce of what he says. He said during campaigns that he’ll offer it for FREE for a one year ‘grace’ period then thereafter it will be repaid back but interest FREE!! So hii grace period kulishaendaje? Fooled kikuyu youths and western watchmen to vote for him!! SHAME!! Tutajua hatujui Ruto! Na bado.
You mean there are people in…
You mean there are people in this 21st century who expect FREE things? Free is not a thing…you pay dearly for wanting free rides…free loaders get to learn the hard way. Ati thinking from now on vitu zitashuka bei…ati loni zatukua za bure…ati masomo yote yatakua ya bure…ati tutaenda dukani tuseme tunataka hii na ile lakini hatuna pesa – tupewe…. People wake up. Twill be rough before we can see the light.
I never believe anything…
I never believe anything that comes out of that dirty mouth. They will steal and steal… Because he stole and stole. Rotten Wizard of Eldoret.
This is a twist for during…
This is a twist for during the campaigns you was saying its free money now you change terms and conditions.Be warned its another way of failed promises. But Kenya we vote by stomach not by head. Na kwa hivyo akili ni mali . Wewe zako ziko wapi. ? Kenya ??
Neno “hustler” kwa Kiswahili…
Neno “hustler” kwa Kiswahili ni “pwaguzi.” Neno hili halifai kutumiwa mahali popote na pia wakati wowote.
Free money means more debt…
Free money means more debt. You can’t borrow them dish out. It must be a revolving fund like helb