Killarney Credit Union

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Loans

Great rates, flexible options and friendly local service.

 
Beech Road

064 KillarneyCU6631344

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Park Road

064 KillarneyCU6631344

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Kenmare

064 KillarneyCU6631344

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Killarney Credit Union

Loans

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Community Loan

Supporting our local community projects

Many community, not-for-profit groups or charities in the South Kerry region have worthwhile ideas about how they can improve the socio-economic life of their community.

The Killarney Credit Union community loan product has been designed specially to offer such groups access to capital to help make their vision become a reality. The community loan has been developed to support the development of projects in the following areas:

a) sport and recreation;

b) culture and heritage;

c) the arts (within the meaning of the Arts Act 2003);

d) health of the community;

e) youth, welfare and amenities; and

f) natural environment.

 

Why borrow from us?

  1. Your community group can borrow up to €100,000 over a 20 year term.
  2. We are happy to collaborate with other agencies in progressing your application for community finance.
  3. Your community loan will be assessed by a special lending panel.
  4. Bridging finance (6 months or less) may be considered for short term cash injections (e.g. grant drawdown).
  5. We don’t charge any administration fees or charges.
  6. Your community group can repay the loan earlier without penalties.
  7. Finance is available for buildings and equipment, working capital, cash shortfalls, bridging finance against delayed grants or other confirmed income and the restructuring of debt.
  8. By borrowing from the credit union, you are supporting your local community as finance is provided by the local community for the benefit of the local community.

 

 

Community Loan Repayment Table

Amount Term APR* Monthly Repayment

Total Amount Payable

€5,000 1 year 6.2% €430 (12) €5,162
€10,000 3 years 6.2% €304 (36) €10,949
€20,000 5 years 6.2% €386 (60) €23,193
€30,000 10 years 6.2% €333 (120) €39,955
€50,000 15 years 6.2% €421 (180) €75,920
€75,000 20 years 6.2% €537 (240) €128,903
€100,000 20 years 6.2% €716 (240) €171,870

 

Typical APR variable Community Loan rate of 6% (6.2% Annual Percentage Rate (APR)). Lending terms and conditions apply. Loans are subject to approval. Table is for illustration purposes only and does not constitute a contract. Figures correct as at February 2018.

Warning: If you not meet the repayments on your loan, your account will go into  arrears. This may affect your ability to access credit in the future.

 

Documentation Required

  • Completed application form - Call into any of our branches and we will be happy to help
  • Proof of Identity
    • Completed Killarney Credit Union group mandate on file.
    • Current proof of ID and address of the principal officers/trustees/-directors/beneficial owners.
    • Proof of ID and Address of the principle officers/ trustees/ directors
  • Proof of Income
    • Most Recent accounts / Record of Income & Expenditure (2 Years)
    • Tax Clearance cert (If applicable)
    • Financial Projections / Cash ow statements
    • Copy of Funding Letter offer (if applicable)
  • Financial Position
    • Current bank/ loan/ HP statements / Credit Card (at least 6 months)
  • Group Information
    • Detailed description of the purpose of the loan
    • Charitable status details (if applicable)
    • Key activities / specific services provided
  • Other information deemed necessary by the credit union

 

 

Download the information leaflet as a PDF

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