July 24, 2024
Business News

Kilkenny Credit Union offers €1m loans to local businesses under Covid scheme

A local Credit Union has been included in the Covid-19 Credit Guarantee Scheme which supports small and medium Irish businesses that have been impacted by Covid-19.

Castlecomer Credit Union is one of eight new office to sign up to the scheme, which offers up to €1 million in guaranteed credit to local small and medium sized businesses.

To be eligible to apply for the scheme, businesses must have seen or expect to have a 15% reduction in turnover or profits due to Covid-19.

The scheme offers guaranteed lower interest rates and loan terms available from three months to five years. The scheme is open until June 30.

ILCU CEO Ed Farrell said: “The past year has been an extremely challenging one for businesses and there are still many challenges ahead.

“Securing access to credit is now even more important for businesses and through this scheme, credit unions will be in a position to help provide local businesses with the access and supports they need to get back trading.

“Credit unions are at the heart of the community and we recognise the importance of local businesses and how important this scheme will be to them,” Mr Farrell added.


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