Kenyans are set to access Hustler Fund loans of between Kes10,000 and Kes200,000 beginning June 1, 2023.

This is after President William Ruto announced plans to increase the Hustler Fund credit facility from a maximum of Kes50,000 to Kes 200,000.

“Beginning next month, we will launch the second phase of Hustler Fund, in which you, as a kiosk owner, barbershop operator, or boda-boda operator, will be able to borrow from Kes10,000 to Kes200,000,” he said.

Initially, Kenyans could only access a loan limit between Kes500 and Kes50,000 from the facility that seeks to empower Small and Medium Enterprises.

Speaking Monday during the Labour Day celebrations at Nairobi’s Uhuru Gardens, Ruto said that to address the challenges of small businesses, his administration established the Ministry of Cooperatives and MSMEs to help resolve difficulties of access to credit.

Further, he noted that Kenyans have borrowed Kes 27 billion from the Hustler fund kitty since its launch,  with more than 15 million Kenyans borrowing.

He also revealed that Kes17 billion loans had been repaid to the kitty in the last six months.

The Hustlers Fund was part of President Ruto’s campaign promise to uplift Small and Medium-Sized Enterprises (SMEs) by facilitating access to affordable credit.