Hustler fund loans to be paid by SACCOs

The government has announced plans to channel the much awaited Hustler funds through the Cooperative SACCOs to facilitate sustainability and compliance to regulations set for the revolving kitty.

Cooperatives and MSME development Cabinet Secretary Simon Chelugui said the SACCOs were expected to play a critical role in mobilizing Kenyans to embrace a saving culture and act as an intermediate in accelerating financial inclusion and empowerment to the millions of creditors left out of mainstream financial lenders.

Speaking during a consultative meeting with the leadership of cooperatives under the Cooperatives Alliance of Kenya (CAK), the CS said that cooperative movement was touted by the current administration to spur economic growth through of small business under the bottom –up model.

“The most important emergent key economic policy intervention for the new administration is the financial empowerment to accelerate growth at lower levels by creating access to credit facilities under the ‘Hustler’ Fund”

He noted that President William Ruto’s intention was to enable Kenyans at the bottom of the pyramid to access affordable and timely credit facilities since most of them were previously locked out of such facilities because they lacked collaterals to secure loans from mainstream financial institutions.