Ministry of Co-operatives and Micro, Small and Medium Enterprises Cabinet Secretary Simon Chelugui has explained how groups and chamas can apply for the Hustler Fund.
Chelugui on Wednesday on X, formerly known as Twitter, said he had received so many questions in different forums on how a group can acquire a loan from the fund.
"Just like the personal product, groups can access the fund by dialing *254# on their phones and then follow the prompts," Chelugui said.
The CS said the first step is to create a group with a minimum of 10 members including 3 officials. Only a chairperson, treasurer or secretary can create a group.
Once the official creates the group, he or she proceeds to add 2 other officials.
He said the members of the group are added by one of the three officials.
Chelugui said the invited members must accept the group invite for it to be active.
"Complete Group Creation. Any official can complete group creation, the group must have a minimum of 10 members including 3 officials. Members will receive a notification with the group's limit," the CS said.
Chelugui said once the group creation process is complete, officials can move to request a loan.
"Only officials can request a loan and the request must be approved by five random members; three members and two officials," Chelugui said.
He said five random members and two officials must approve the loans request for the funds to be disbursed into the group's account.
During the transfer of funds, Chelugui said only an official can initiate transfer of funds, and for the members to receive the funds, it has to be approved by three random members and two officials.
Additionally, the CS said five random members consisting of two officials and three members must approve the transfer of funds for the funds to be disbursed into the members' account.
He said when it comes to the repayment of the loan, any member can repay the loan either partially or in full.
