Killarney Credit Union this week launched its community loan product for groups in South Kerry. The loan product is targeted at community, not for profit and charities and offers loan amounts up to €100,000 over 20 years.
Speaking about the loan, Mark Murphy, CEO of Killarney Credit Union stated “We have launched this product to coincide with recent grant aid agencies supports to community groups in our locality. A lot of groups may struggle to fundraise locally and through the provision of community finance, we can assist projects come to fruition. We offer both long term community finance over 20 years or short-term bridging finance of 6 months or less which could help in grant aid draw down” he concluded.
The credit union will consider projects from all sectors including sports groups, arts, youth activities, social enterprises and community groups. Groups, clubs and societies are all eligible to open savings accounts in the credit union which can be used for fundraising/saving activities.
Mark added “To date we have supported one local charity operating in Killarney and we are working with another club in Kenmare to develop new facilities to generate additional income. While we are cognisant that there are other social finance partners available to community groups. We would like them to consider a local lender such as the credit union as we are embedded in the local community and committed to support projects that support the socio-economic well-being of people living and working in South Kerry”.
The credit union offers a very competitive rate of 6.2%* APR on community lending and 10.5% ** APR on short term bridging finance. If any group wishes to make an enquiry in relation to a community loan, they are advised to contact Elma Culloty or Emer Guihan, our dedicated lending team on 064-6631344 or This email address is being protected from spambots. You need JavaScript enabled to view it. or make a quick loan enquiry online and the team will call you back.
