In November 2022, President William Ruto introduced a pioneering initiative known as the Hustler Fund, with the goal of empowering small businesses in Kenya that had previously faced challenges accessing credit due to the lack of collateral.
Among the remarkable success stories stemming from this program is the journey of Felix Otieno Chimbly, a student at Kabarak University. Otieno embarked on his entrepreneurial path by securing a KSh 600 loan from the Hustler Fund.
With this initial financial boost, Otieno leased a shaving machine and transformed an abandoned kiosk in Rongo town into a thriving barbershop. Reflecting on that moment, he recollected, “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 rent a shaving machine from one of my close friends, who had been keeping it solely for home use. The remaining KSh 70 was spent on essentials, as the Hustler Fund was deducting KSh 30 as savings.”
The demand for his barbershop services was immediate, and on his very first day in business, Otieno earned KSh 2,000. He said, “On that first day, I made KSh 2000. I was motivated that the barbershop is a lucrative venture. On the second day, I rented the machine again for KSh 500, but I made only KSh 1500. I started renting it daily, and I diligently saved a portion of what I earned.”
Motivated by this early success, Otieno was determined to persist and wisely reinvested his earnings to further develop his business. As his customer base expanded, he continued to save diligently and eventually purchased his own shaving machine and other necessary equipment. His sound financial management enabled him to hire a manager while he pursued his education. Otieno explained, “I saved approximately 60% and used the remaining 40% to cover my living expenses on campus. When I returned home, I had KSh 70,000.”
With the profits generated by his barbershop, Otieno ventured into the construction industry, establishing Morr Agency And Construction Company. This endeavor not only provided him with a stable income but also created employment opportunities for over 20 young individuals in Migori.
He shared that he has since secured contracts with the company and earns an estimated monthly profit of KSh 700,000. “I earn KSh 700,000 monthly in profits. My barber business is also thriving,” Otieno proudly revealed.
The enterprising businessman expressed his commitment to expanding his business after graduation and emphasized his intention to remain self-employed. He stated, “After graduation, I aim to expand my company by establishing multiple branches nationwide, with the goal of employing numerous hardworking youth across the country. My primary objective is to contribute to the government’s efforts to reduce the unemployment rate.”
