23 May 2022

Castlecomer Credit Union included in Covid-19 Credit Guarantee Scheme

'Through this scheme, credit unions will be in a position to help provide local businesses with the access and supports they need'


A painting of Castlecomer Credit Union as depicted in the annual calendar

Castlecomer 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.

The scheme, made available by the Department of Enterprise, Trade and Employment and operated by the Strategic Banking Corporation of Ireland provides support for businesses who have experienced an adverse impact as a result of Covid-19.

To be eligible, businesses must have seen or expect to have minimum 15% reduction in turnover/ profits due to Covid-19. Interest rates will be lower than the standard rate available to businesses. Loan terms from three months to 66 months will be available.

A guarantee premium payable to the government will apply. The scheme is open until June 30, 2021 or until fully subscribed.

“At Castlecomer Credit Union, we understand how important local businesses are to the local economy and the devastating impact Covid-19 has had on them,” said Gerry Reynolds, CEO, Castlecomer Credit Union.

“With the Covid-19 Credit Guarantee Scheme in place at Castlecomer Credit Union, local businesses will be able to come to us and we will be able to work with them to get the best funding supports available. Loans from €10,000 up to €150,000 are available from Castlecomer Credit Union as part of this scheme.”

Mr Reynolds said the credit union was very pleased that ILCU-affiliated credit unions are taking part in the Covid-19 Credit Guarantee Scheme.

“The past year has been an extremely challenging one for businesses and there are still many challenges ahead,” he said.

“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.”

Minister of State at the Department of Finance, Séan Fleming welcomed the announcement that credit unions supported by the Irish League of Credit Unions (ILCU) will be participating in the Covid-19 Credit Guarantee Scheme, bringing the total number in the scheme to 19.

“With their unrivalled local knowledge, credit unions are ideally placed to support the recovery and providing loans to local businesses is a key element of the recovery,” he said.

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