Every time I ask businesspeople about the biggest challenge they face in entrepreneurship, most of them mention the lack of credit.

This was still the case with Jules Wako, a barber in Roysambu, Nairobi. The businessman revealed he invested Sh200,000 into the hair-cutting business, all of which were savings from his previous job as a receptionist.

Determined to succeed, Wako did all he could to see his business grow including investing heavily in marketing, customer service, as well as partnering with celebrities.

”The business was doing very well in the first two years and I could sort my needs with zero hassle. Unfortunately, towards the end of the second year, I got involved in a fatal road accident. Since I did not have an insurance I relied on the business for my treatment and this drained all my finances,’’ he says.

He explained that things got worse and that sometimes he would go for months without paying rent and the two workers he had hired.

At this point, he contemplated quitting entrepreneurship since the business was no longer profitable. However, he didn’t know where to get an income from since his efforts to look for a job were futile.

The businessman says his business would have died if it were not for an advert he saw on a local television.

”I was just in the house when I saw an advert on Timiza loans. I had not heard of it before so I downloaded the app to see how it works. To my surprise, they gave me a loan limit of Sh40,000 and that’s how I went back into business.

Wako says he had previously approached various banking institutions for funding but his request was declined.

Everything you need to know about Timiza, the cheapest short-term loan facility in Kenya

He adds that after learning about Timiza, he not only borrows from them but also channels his savings to his Timiza account.

”One thing I love about Timiza is that their interest rate is very low, which makes the facility a good option for businesses. The more you borrow, the more your limit grows,’’ he says, adding that Timiza gives instant loans of up to Sh150,000, repayable in 30 days.

According to Wako, Timiza is accessible via USSD (*848#) and mobile app on Google Play Store &App Store.

He explains that to qualify for a loan, one must be an M-PESA subscriber for more than 6 months and actively use Safaricom services such as voice, data, and M-PESA.

In addition, they need to have a good rating and not be negatively listed by the Credit Reference Bureaus (CRB) or blacklisted by Safaricom on Okoa Jahazi.

”Timiza also allows customers to accomplish their saving goals with Timiza Goal Savings Account that earns the highest interest of 9% interest p.a.’’ he says.

The businessman also mentioned Timiza’s insurance coverage, which he says is the cheapest at Sh42 per month.

He explains that people can get personal accident cover of Sh100,000 and funeral cover of Sh50,000.

”I wish I knew Timiza earlier because I couldn’t have wasted my business money when I was involved in an accident that left me with a broken rib. The insurance cover would have sorted my medical bills and my business would be on another level,’’ he adds.

Wako says that Timiza has helped him expand his business by opening two more branches in Kasarani and Kahawa Sukari.

He advises anyone intending to venture into business to always go for loans whenever their business is struggling.

”People will always discourage you from borrowing but such people are enemies of progress. If your business is dying run for funding and work hard to repay on time. Personally, I found growth in business when I started borrowing,’’ he advises.