In November 2022, President William Ruto launched the Hustler Fund, a groundbreaking initiative aimed at uplifting small businesses in Kenya that were previously locked out of credit due to lack of collateral.
One inspiring success story from this program is that of Felix Otieno Chimbly, a student at Kabarak University, who borrowed KSh 600 from the Hustler Fund to kickstart his entrepreneurial journey.
With the initial loan, Otieno rented a shaving machine and converted an abandoned kiosk in Rongo town into a bustling barbershop.
”On November 30, 2022, when the president officially launched the Hustler Fund, I checked my limit, and it was KSh 600. I borrowed KSh 600. I used KSh 500 to hire a shaving machine from one of my close friends who was using it for home purposes only. I spent the remaining KSh 70 to buy spirit because Hustler Fund was deducting KSh 30 as savings,” Otieno revealed.
The demand for his services was immediate, and on his very first day, he earned KSh 2,000.
”On that first day, I made KSh 2000. I was motivated that barbershop is a worthwhile business. On the second day, I hired it again for KSh 500, but I made only KSh 1500. I started hiring it daily. The little I got, I saved some percentage,” he recalled.
This early success fueled his determination to continue, and he wisely reinvested his earnings to grow his business further.
As Otieno’s customer base expanded, he saved diligently and soon managed to purchase his own shaving machine and other necessary equipment. His prudent financial management allowed him to hire a manager while he pursued his education.
“I saved approximately 60% and used the remaining 40% for survival on campus. When I Came back home, I had KSh 70,000,”
With the profits from his barbershop, Otieno ventured into the construction industry, establishing Morr Agency And Construction Company.
This venture not only provided him with a stable income but also created job opportunities for over 20 young people in Migori.
He noted that he has since bagged tenders with the company and earns a profit of approximately KSh 700,000 monthly.
“I earn KSh 700,000 monthly in profits. My barber business is also running,” Otieno revealed.
The businessman said he would expand his business after graduation and wouldn’t seek to be employed.
“After graduation, I need to expand my company by establishing many branches countrywide so that I can employ many hustling youth across the country. My main aim is to help the government reduce the unemployment rate.