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The Hustler Fund, or The Financial Inclusion Fund, is a breath of fresh air for small business owners and entrepreneurs. It’s a funding program to help upcoming business owners in the economic game.
The Hustler Fund usually gives loans to individuals and small businesses that find it hard to get regular bank loans. It is all about empowering people who don’t have the easiest time making it in the economic world.
This article contains knowledge that can help you prepare your application process for the year 2024. This isn’t a report; however, it’s a guide that will assist you in applying.
Going deeper into the year 2024, the fund not only offers grants to the persons who dream to start their own business but also offers them a good amount of money required to make their dreams come true.
This piece can be regarded as your all-compassing guide to the Hustler Fund application, giving you enough ammunition to register for the application process.
The Hustler Fund is a financial policy formulated to provide helpful funds, capital increments, and funding to small and developing businesses and companies.
The Kenyan government started the hustler fund, a loan program that offers immediate loans to residents after the application process is complete.
It lays a great foundation for businesses and is a perfect chance for many individuals who would love to work hard to penetrate the market but lack the funds to do so.
Its true purpose is to erase the physical space between dream and reality as a bridge to bring dreams to reality. It encompasses a fixed interest rate of 8% per year, lower than many options in Kenya.
Also read: How to Apply for Youth Fund Mobile Loan in Kenya
In applying for the Hustler Fund, there are a few things to take into consideration. You would need to follow a set guideline during your entire application process, Here are some steps you can take as you would in any other application process:
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Anyone who wants to apply for the hustler fund must ensure he or she is aware of the requirements for which he or she wants to apply. The fund typically selects based on the following criteria:
– Residential Eligibility: The hustler fund’s availability is a target group that includes the country’s residents.
Age Eligibility: This program’s intended benefactors shall comprise youths 18 years and above who either possess a viable business plan or are already in business but with a small business.
– Business Eligibility: Interested candidates must have a business number for a business that is registered with the Business Registration Service.
– Vision Eligibility: Applicants are separated based on another principle, someone that has a better vision of how the fund would be used in a detailed and comprehensive manner for income generation is selected over those who do not have details for income generation.
All of the criteria above help in making sure that the fund reaches the right people who are in a position to create value in the economy when engaged in business.
Documentation is an essential element that must be done properly in order to be granted an application for the hustler fund. Here’s what you will need:
To ensure you have a better chance of getting the grants you need, you should review and organize the documents you will need when filling out the grant’s application forms.
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After registration, you can follow the procedures below to apply for the hustler fund. Ensure that all details entered are correct:
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Alternatively, you can also apply for the hustler fund through the mobile platforms of all mobile network operators in Kenya, which include Safaricom, Airtel Kenya, and Telkom Kenya.
If your application is accepted, you are one of the few lucky ones as this only happens a few times a year. You should expect to be guided on the next course of action and contacted via SMS.
Rejection: if you are rejected as well, you can apply again the following year. Failure is not that you were turned down; therefore, one should not consider giving up whenever the application is not successful. In fact, most of the people who borrowed money from the Hustler Fund will try again later, when the need arises. And so you can try applying again as well.
The criteria include, but are not limited to the information below:
The applicant has to be a citizen of Kenya (the country that is offering the fund), have a business idea and satisfy the below financial requirement, which may be from time to time changed annually. More details are in the article above.
Some of the documents likely to be needed are Identification papers, business registration papers, income tax returns, financial statements, business plans, and proposals.
As of the time this article is written, the funds are designed to be easily accessible; hence, there are no application fees involved. Stay up-to-date with the latest guidelines to be abreast of any changes regarding the fees and charges.
Credit limits can be determined based on the application and loan purposes and the applicant’s credit history. Regarding lending, the range of funds will describe the minimum and maximum amounts of loans for the year.
Interest rates are likely to vary across time and hence might be changed from time to time, at least once a year. Applicants should check the current year’s rates from the government’s directives. Currently, the interest rate is 8%.
Most candidates get a response through SMS or the channel used to submit an application, which could be the mobile application. So, please ensure you update all your contact information and check your notifications frequently.
Hustler Fund is among the most popular funding sources in Kenya; therefore, there are several key actions you have to pass through when applying for this funding and waiting to get a response to the documents submitted.
With the proper procedural direction and a well-presented application for surety, you have the right procedure for the support that your business needs to grow. It is important you follow the right procedures and get all necessary documentation before applying for the Hustler Fund.
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