Mombasa, Kenya – The Hustler Fund loan borrowing scheme, a key initiative to support small and medium-scale entrepreneurs, marked its first anniversary by recognizing its best-performing borrower. The award ceremony, taking place 12 months after the fund’s launch in November 2022, was a momentous occasion for the scheme and its beneficiaries.
According to Kenya News Agency, Harrison Kenga emerged as the award winner for his exemplary use of the Hustler Fund. Kenga received a congratulatory call from the President and was awarded a brand new Tuk Tuk, along with an invitation to the State House in Nairobi. His success story in the loan scheme involved regular borrowing, starting from a low limit of Sh800 and successfully scaling up to the maximum limit of Sh50,000 without any defaults.
Kenga expressed his gratitude for the fund, describing it as economical and easy to manage. The Hustler Fund initiative, launched by the President, aims to provide accessible, low-interest loans to support the endeavors of small-scale entrepreneurs. It represents a significant economic measure to boost business growth and sustainability.
The award ceremony, held in Mombasa, was graced by the Cabinet Secretary for Co-operatives and Micro-Small and Medium Enterprises (SMEs), Simon Chelugui. He encouraged entrepreneurs to fully utilize the Hustler Fund, highlighting the benefits of the scheme, including increased loan limits and a savings component with an 8 percent interest rate. Chelugui emphasized the government’s commitment to reducing borrowing costs, which were previously estimated at 365 percent annually.
In addition to the President’s Tuk Tuk award, CS Chelugui contributed Sh50,000 towards fuel for Kenga’s new Tuk Tuk, recognizing his resilience in utilizing the Hustler Fund. Kenga thanked the President and credited the Hustler Fund for its significant assistance in his entrepreneurial journey.
The scheme allows entrepreneurs to borrow amounts ranging from a minimum of 500 shillings to a maximum of 50,000 shillings, subject to timely loan repayment and maintaining a record free of defaults.