Hustler Fund is given to the existing Kenyans who are owning small businesses for daily earnings. This is a fund that will initiate on 1, December 2022. This is not free money that is given by the government, a person has to return this and interest will also be charged for the money. The interest rate is not yet decided, however, it is said that it will be under 10%. This fund is initiated so that the middleman is removed and the fund is directly given to the person who needs that. The people who are interested in this fund should join SACCO or other saving cooperative groups.
A person has to fulfill a certain list that is obligatory to get the aid. There are several privileges that come along with this fund such as a low-interest rate charged and the applicant does not have to provide any kind of security for this. Once the person has applied then the authorities generally send a response within 24 to 48 hours. All individuals also see the status of the application on the official portal as there is complete information about the fund.
What is a Hustler Fund?
A Kenyan term Hustler means a group of people who are operating small businesses to earn their living. This group of people consists of mama mboga and Boda-boda riders. So, the Hustler fund is basically money that the government(authorities) keep aside so that they can lend this money to these Kenyan groups at some point in time.
The authorities will officially announce the Hustler fund on 1st December 2022. The interest that will be charged is not clear and it is said that it is a single number below 10.
How to Apply for Hustler fund application
A person can apply for the Hustler fund application by following a straightforward procedure. To register for the loan a person has to submit the application to a financial institution. These can be banks, Microfinance Banks and Saccos. The verification is done by the group and after the loan approval, the money will be granted by the institution or a bank.
The process will begin on 1 December 2022. Moreover, all the registration details will be provided at that time by the authorities.
Who is Eligible?
All those applicants that fulfill the below-mentioned list are entitled to the Hustler fund application.
- The individual should be residing in Kenya.
- A good conduct certificate is obligatory for the applicant.
- The person who has applied should be covered in the low-income group.
- The candidate who has applied should be one of the investment groups and credit societies.
Hustler fund application requirements
There are some of the application requirements. These are as follows:
- The applicant should have a good conduct certificate.
- Moreover, the person must be residing in Kenya.
- The person must be covered in the low-income group.
- There are two groups such as the investment groups and credit societies, the applicant should be covered in one of them.
There are several privileges that an individual gets with the Hustler Fund. Let’s have a look:
- This is government support that is provided to all these groups in form of grants.
- This is a fund that does not require any kind of security like all other forms of grants.
- Hustler fund is given at a lower rate of interest as compared to all other commercial loans.
How long does the application process take?
Gathering all the documents and completing the application for the Hustler fund can take around six weeks. In around 24 hours to 48 hours, most of the applications get a response.
How to Check Hustler Fund Application Status?
An individual can check the status of the Hustler application on the official webpage https://www.hustlefund.vc/ as complete information will be provided there.
Do I need to pay back the Hustler Fund Amount?
The amount is to be paid back as this is not free money. The only benefit is the government does not ask for any kind of security for this.
What is the Interest Rate?
There is no confirmation regarding the rate. However, the interest that is charged for the fund is generally less than ten percent.