Aspire small business loans top half million pound mark

A Belfast-based company, which helps finance small businesses in deprived areas, has topped £500,000 million in loans.

Aspire Micro Loans for Business Ltd also aims to distribute more than £400,000 during 2002 and will extend its reach to small businesses in the Londonderry area.

Aspire, which is funded by LEDU, IFI and the four main banks started lending in February 2000, targeting micro businesses in deprived and under-invested communities.

Aspire's General Manager, Niamh Goggin said: "Aspire helps all kinds of small businesses operating in the community - from corner shops, hairdressers and taxi-drivers to florists, trades people and small manufacturers or retailers.

"Because the small businesses we work with pay back their loans on time, this allows us to recycle the funds back into local areas, helping more local entrepreneurs to make a success of their business. Aspire has met international best-practice standards for its loan repayment and write-off rates.

"We are delighted to have exceeded our targets for this year and we are looking forward to working with even more small businesses next year. Our loan officers are keen to hear from people from right across Belfast who need our help."

In all 81 businesses across Belfast have now been helped by the scheme; 47 in North Belfast, 30 in West Belfast, 26 in South Belfast and 24 in East Belfast.

(MB)