Capital Credit Union launch Small Business Lending Initiative

by Gazette Reporter
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Capital Credit Union have announced that they have launched their Small Business Lending Initiative along with 12 other credit unions nationwide, and are also partnering with Government in the low-cost COVID-19 Credit Guarantee Scheme.

The Tánaiste, Leo Varadkar, made the announcement of the participation of two the largest Credit Union associations in Ireland, the Irish League of Credit Unions (ILCU) and the Credit Union Development Association (CUDA) in the Government’s COVID-19 Credit Guarantee Scheme.

The Tánaiste said: “Irish SMEs will now be able to borrow from a further twelve Credit Unions under the €2bn Covid Guarantee Scheme. These new providers, from the Irish League of Credit Unions and the Credit Union Development Association, have a wide geographical range, from Blanchardstown to Castlecomer, from Westport to Navan.

“Credit Unions are at the very centre of communities across the country. They have an excellent reputation in their local areas and understand the needs of their customers. Their inclusion will help further diversify the options available to small business under this Scheme.”

The COVID-19 Credit Guarantee Scheme offers reduced interest rates on loans of up to five-and-a-half years to businesses responding to the impacts of COVID-19, with no personal guarantees required for loans under €250,000.

Capital Credit Union have said that they believe they will succeed in working with micro, small & medium sized businesses, impacted by COVID-19, to review their cash-flow and working capital requirements to enable these businesses to survive, protect jobs, create future employment, and thrive in 2021.

Capital Credit Union plans to build on its strong connections in the local community to engage with local businesses and offer them the necessary support.

Gerry McConville, CEO of Capital Credit Union said: “I am delighted to announce the launch of Capital Credit Union’s Small Business Lending Initiative and our participation in the COVID-19 Credit Guarantee Scheme.

“With over 50,000 members and 50 years serving the local community, Capital Credit Union is ideally placed to support local businesses as part of this scheme. Our process is clear, fast and efficient to meet the needs of local businesses and ensure they are looked after properly.”

19 Credit Unions with multiple outlets are now participating finance providers in the COVID Credit Guarantee Scheme.

For more information on the scheme, visit the website here.

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