President William Ruto on Thursday, March 2, presided over the launch of the Biashara Loan - a financial inclusion program the Hutlers Fund.
Ruto launched the new product during the celebrations of World Women's Day at the Kenyatta International Convention Centre in Nairobi.
The loan, according to the Head of State, will target Micro Small and Medium Entreprises (MSMEs) with needs of capital ranging from Ksh10,000 and Ksh200,000.
"We are now launching the Individual Micro Enterprise Loan Product," Ruto stated.
Interested businessmen and women will be required to register their enterprises under the Business Registration Service (BRS) and provide key details including the name of the business, and the entrepreneur's identity.
Upon registration, the government will determine the money required by each applicant based on parameters set in an algorithm developed for the purpose.
Further, the President announced that the loans will come in various plans based on the duration of time needed by an entrepreneur.
"There will be loan products of three months, six months and nine months - depending on the nature of your business," Ruto affirmed.
How to Apply
The loan will be accessible by dialling a USSD, *254# used to access the regular hustler's fund loans.
- Dial *254#
- Select Option 1 Hustlers fund
- Select Option 2 under Biashara Loan
- Select Option 1 to Register for first time application
- Select the Category of your business; Agriculture, Trade, Manufacturing, Service
In addition, the President also announced the relaunch of the Women Enterprise Funds - which is an upgrade of the existing Women's Funds.
Speaking during the launch, President Ruto noted that the new Women's Fund has been improved to eliminate bureaucracies and intermediaries who limited the accessibility of the money.
Women Enterprise Fund was established in 2007 as a Semi-Autonomous Government Agency to provide accessible and affordable credit to support women in starting and expanding businesses for wealth and employment creation.
However, the government - according to the President - has placed new measures aimed at ensuring the effectiveness and efficiency of the programme.
Ruto vowed to triple the resources available under that fund in a bid to triple the number of women groups benefiting from the programme.
In addition, the President announced that the funds will be digitised and will be processed instantly as opposed to the current situation where women were forced to wait for 45 days.
"We are going to ensure that we bring women onboard the technology sector. We are going to eliminate intermediaries, there will be no more intermediaries.
"All women who participate in the women's fund will get paperless and will receive the loans instantly,” Ruto stated.
How to Apply
To benefit from the revamped Women Enterprise Fund, you must be a member of a registered women's group.
The government has made changes to the USSD code used in accessing the Hustlers Fund to include the new products.
- Dial *254# on your phone's dial code.
- Select Option 2 labelled "Women Fund"
"The newly remodelled Women Enterprise Fund is available on *254#, the same platform the Hustler Fund uses where access to loans is instant," Ruto stated.