Ruto Launches Second Hustler Fund For Small Businesses- How To Apply
The new product is expected to target Micro Small and Medium Enterprises (MSMEs) with needs of capital ranging from Ksh10,000 and Ksh200,000.
Marvin Chege 
President William Ruto on Thursday, March 2 launched a new product of the Hustler Fund loan kitty termed the Biashara Loan.
Ruto launched the second product of the financial inclusion program during the celebrations of World Women's Day at the Kenyatta International Convention Centre (KICC) in Nairobi.
The new product is expected to target Micro Small and Medium Enterprises (MSMEs) with needs of capital ranging from Ksh10,000 and Ksh200,000.
"Today we have launched a micro-loan product so that you as a Kenyan who runs a business can borrow between Ksh10,000 and Ksh200,000," he addressed.
Steps To Access the New Biashara Loan
Ruto then walked through the process of registering to receive the new Biashara Loan.
Businessmen and women who are interested will be required to have their enterprises registered under the Business Registration Service (BRS), providing the necessary details including your identity as an entrepreneur and the name of your business.
Upon registration, an assessment will be done by the government based on parameters set in an algorithm developed for the purpose before determining how much money businesspeople interested should get.
The president further added that the loan products will come in 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
Once done, entrepreneurs can apply for the loan by dialling the USSD short code, *254#, which is the same code used to access the regular Hustler Fund loans.
- Dial *254#
- Selected option 1 Hustler Fund
- Selected option 2 Biashara Loan
- Selected option 1 to register
- Select the category of your business
Available categories include agriculture, trade, manufacturing, and service providing.
Women Enterprise Fund
At the same time, the Head of State introduced an upgraded version of the existing Women's Fund termed the Women Enterprise Funds, adding that the new version seeks to eliminate bureaucracies and intermediaries who limited the accessibility of the money.
Established in August 2007, the Women Enterprise Fund is a Semi-Autonomous Government Agency in the Ministry of Public Service, Youth & Gender Affairs. It provides accessible and affordable credit to support women to start and/or expand businesses for wealth and employment creation.
However, the upgraded version, as President Ruto further explained, has new measures that ensure the effectiveness and efficiency of the programme, including digitising the funds, meaning interested women will be able to access them 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.
Ruto also vowed to increase the funds by three times in order to onboard three times the number of women groups benefiting from the funding programme.
How To Apply
To benefit from the upgraded Women Enterprise Fund, you must belong to a registered women's group. The government has tweaked the *254# USSD code to include the option where women can access the new fund, among other newly-introduced Hustler Fund products.
Here are the steps:
- Dial *254# on your phone's dial code.
- Select Option 2 labelled "Women Fund"
President William Ruto greeting women as he arrives at KICC in Nairobi on March 2, 2023. /WILLIAM RUTO
