The government says its youth and small-business funding programmes aim to offer more than just access to cash.
Principal Secretary for Micro, Small and Medium Enterprises Development Susan Mang’eni has explained how programmes such as the Hustler Fund and the National Youth Opportunities Towards Advancement (NYOTA) are helping young people and small businesses.
Speaking on She Means Business, Mang’eni also addressed concerns about foreign traders operating small businesses in Kenya.
Hustler Fund targets affordable credit
Mang’eni said the government created the Hustler Fund to help people who struggle to access loans from traditional financial institutions.
She explained that the programme aimed to address a gap in the credit market.
Therefore, the Hustler Fund was not designed simply to give people free money. Instead, it sought to provide affordable financing to people who had limited access to formal credit.
Since its launch, the programme has facilitated billions of shillings in loans and savings.
NYOTA combines funding and training
Meanwhile, the government has introduced NYOTA as a broader programme for young people.
The programme combines financial support with entrepreneurship training and savings.
Mang’eni also addressed young people who applied for NYOTA but did not receive funding during the initial phase.
She said the government was exploring additional funding to support more applicants.
The programme received a high number of applications, which exceeded the number of opportunities available during the first phase.
Foreign traders raise new concerns
Mang’eni spoke about the programmes as debate over foreign-owned small businesses continues in Kenya.
President William Ruto recently made remarks about protecting local businesses from foreign competition.
The comments caused concern among some East African traders operating in Kenya.
For example, hundreds of Burundian traders reportedly sought assistance from their embassy in Nairobi following the developments.
Government says registered traders remain protected
However, the government has said its efforts focus on regularising undocumented foreign businesses and workers.
Officials have also maintained that foreigners who operate legally in Kenya will continue to enjoy protection under the law.
Mang’eni said Kenya also takes its obligations under the East African Community (EAC) seriously.
She stressed that the government does not intend to drive away traders from other EAC member states.
Instead, she said Kenya will continue balancing the interests of local businesses with its regional integration commitments.
