NAIROBI, Kenya, Oct 22 – The nominee for Cooperative and Micro, small and medium enterprises development, Simon Chelugui has outlined the framework of accessing the much anticipated hustler fund.
During his vetting , Chelugui told the committee chaired by Speaker Moses Wetangula that the access will involve a four- thronged approach.
The first phase of identification will involve identifying Kenyans in small enterprises through physical and digital platforms.
“We will use digital mechanism as have the highest digital penetration in this country or physical. We will work with other ministries to register the potential beneficiaries of this fund,” said Chelugui.
The second phase of the access to the hustler kitty will be to group the hustlers in saccos, financial groups and societies to enhance mainstreaming of the fund with efficiency.
Chelugui mentioned that already some potentials beneficiaries of the Sh50 Billion hustler kitty have grouped themselves in the existing financial institutions.
“Some of them are already grouped, they are already in various cooperatives and we will group those who are not in the groupings,” he said.
The next phase will involve rigorous training of the entrepreneurs to build their capacities before they can access the fund.
The final phase will now involve the distribution of the funds to the potentials which will a provide start-up and growth capital for small businesses.
“After this stage we will go to the final phase of enabling the delivery of this hustler intervention. We will need to build a monetary and evaluation to see that those who cant access are supported,” Chelgui stated.
Last month, President William Ruto assured to fulfill the campaign pledge on hustler fund by the establishment of the fund that will provide them with collateral free cheap credit to start businesses.
President Ruto had in his campaigns promised a new economic order that would address unemployment and lack of opportunities for youth, pledging to pump billions of shillings in support for sectors such as the Boda Boda and small retailers.
The Sh50 billion annual kitty will be channeled towards supporting micro, small and medium, enterprises.
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