How to register and apply for the new Hustler Fund Biashara Loan
The government of Kenya has launched a new digital financial inclusion initiative called Biashara loan, aimed at enabling micro-SMEs to access loans at a low interest rate.
The Biashara loan is part of the Hustler Fund Personal Loan Product, which is a revolving fund that provides credit to small businesses and individuals who have no collateral or formal banking history.
The Biashara loan product has two components, individual and group.The individual micro enterprise loan product launched today will lend between KES 10,000 and 200,000 at 7% interest calculated pro-rata or daily.
The loan has flexible repayment terms of 1, 3, 6, or 9 months, with a maximum term of one year.
How to register
To register for the Biashara loan, customers need to dial *254# on their mobile phones and select their business category (Agriculture, Trade, Manufacturing, Service Providers). They also need to enter their business registration number and KRA pin linked to the business.
To be eligible for the Biashara loan, customers must;
- Be a Kenyan citizen of 18 years of age and above
- Have a Kenyan Valid National ID
- Have an active SIM Card from any Mobile Network Operator
- Have opted to Hustler Fund Personal Loan Product
- Have a business number for a business registered on the Business Registration Service (BRS)
- Have a KRA pin linked to the Business on BRS
The Biashara loan offers flexible loan limits and repayment periods depending on the customer’s needs and capacity. Customers can also top up their existing loans if they meet certain criteria.
The Biashara loan is expected to boost economic growth and create employment opportunities for millions of Kenyans who run micro-SMEs across various sectors.