CASE STUDY

Quickprint, North Belfast

Micro-enterprise

Micro-loan to purchase printing machinery.

May Mulholland's Quickprint business doubled its turnover in the months following her loan from Aspire. A bookbinder by trade, May needed folding, numbering and perforating machinery to expand the range of services she could provide for her customers. The bank was unable to help and she contacted Aspire after seeing an ad in a community paper. May has gained extra customers as a result of her investment in second-hand machinery. The increased income covered the cost of the loan with a little extra to reward her hard work.

Having completed her first loan, May has taken out a second loan at a lower interest rate to buy a new machine. And she has recommended many of her business customers to contact Aspire for loans. Two of these referrals are now Aspire customers.

Contact: May Mulholland, Quickprint on 028 9058 7749.

COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION USED:
Aspire micro loans for business limited

Micro-loan Fund

Aspire is a micro-finance organisation which provides small loans at commercial interest rates to micro-businesses. It is funded by the Northern Ireland Bankers Association (whose members are Bank of Ireland, First Trust Bank, Northern Bank and Ulster Bank), LEDU (the NI Small Business Development Agency) and the International Fund for Ireland (as part of the Peace Process).

It aims to support existing micro and small enterprises that seek to grow and expand, increasing their chances of success through appropriate financing and business support services.

Aspire lends from £200 to £15,000 for periods from 3 to 18 months to businesses employing ten or fewer staff. Its interest rates, at August 2000, range from 16.5 to 19.5% APR. It started lending in February 2000. At 31 August 2000, Aspire had issued 30 loans totalling £102,350 in the Greater Belfast area, proving the demand there for microfinance.

Contact: Niamh Goggin, Aspire on 028 90 246245

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