MP Slams Kenyans Over Hustler Fund's Ksh500 Minimum Loan

President William Ruto addresing the Kenya Kwanza parliamentary group on Wednesday, November 16, 2022..jpg
President William Ruto addressing the Kenya Kwanza parliamentary group on Wednesday, November 16, 2022.
PCS

Embakasi North Parliament Member, James Gakuya, slammed Kenyans who ridiculed the Ksh500 minimum Hustler Fund loan. 

While speaking on TV 47 on Wednesday morning, November 30, Gakuya asked the critics to use the money to launch income-generating ventures. 

“First of all, the Hustler Fund is not mandatory, and so no one is forcing you to apply for the Ksh500,” Gakuya stated. 

“The fund is aimed in helping people who are struggling to get access to funding for micro businesses," he added while supporting the loan, which will be rolled out on Wednesday, November 30.

A hawker wait for customers to buy school bags along Taveta Road Nairobi
A hawker wait for customers to buy school bags along Taveta Road in Nairobi
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Gakuya credited Ruto with launching the credit programme, arguing that the banking sector oppressed Small and Medium Enterprises (SME’s). 

He further noted that many Kenyans could survive with the minimum principal amount.

“Ksh500 is a lot of money and I can tell you that many people in my constituency make a living from that money.”

“Kenyans can apply for that money and start income generating activities like roasting maize, selling sweets and other low budget hawking businesses,” the MP advised.

Ruto on November 16, announced that groups aiming to grow their businesses can apply for amounts between Ksh50,000 and Ksh250,000.

"The next product for chamas will start from Ksh50,000 to Ksh250,000, then the next one will climb up like that as we continue to roll out the fund," Ruto stated.

Individual limits were set between Ksh500 and Ksh50,000. 

Two days, earlier, after Nyamira Senator Okong’o Omogeni termed the hustler fund as unattractive for Kenyans.

“People fear loans because of high interest loans and the government is offering the same model,” Omogeni stated. 

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Hawkers spotted in Nairobi CBD
File