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From Killarney Credit Union

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Killarney Credit Union

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Member services

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Telephone

064 KillarneyCU6631344

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Email

info@KillarneyCUkillarneycu.ie

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Telephone

064 KillarneyCU6631344

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Email

info@KillarneyCUkillarneycu.ie

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Locations

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Home Improvement Loan from Killarney Credit Union

 
Telephone

064 KillarneyCU6631344

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Email

info@KillarneyCUkillarneycu.ie

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Locations

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Killarney Credit Union

Business Loans Arrears

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 Guide for SME’s experiencing Financial Difficulties

At Killarney Credit Union, we understand the challenges that face our members and their businesses. When we lend to businesses our underwriting team try to envisage the challenges which that business may face. However, it is probable that some businesses, despite the best efforts of our members will experience cashflow difficulties from time to time, that could lead to their loan falling into arrears. The longer the term of the loan the greater the probability that something unexpected will happen in the business. This could be something positive such as a large order that required cashflow to be diverted for a short period of time, or something negative such as stock contamination. While we hope that our member’s businesses circumstances will always change for the better, we accept that there will be occasions during the term of the loan that some businesses will experience financial difficulties that affect their ability to meet their loan repayments as expected.

The Central Bank or Ireland, has published Regulations for Business Lending to Small and Medium Sized Enterprises (SME Regulations). This booklet outlines how Killarney Credit Union Ltd deals with SME’s who find themselves facing financial difficulties or experiencing financial difficulty. These regulations became applicable to Credit Unions from 1st January 2017.

The Objectives of SME Regulations;
• A clear definition of the circumstances which define when an SME is regarded as “in financial difficulties”.
• Facilitate access to credit for sustainable and productive business propositions.
• To promote fairness and transparency in the treatment of small to medium enterprises.
• To ensure that there is a structured approach that the member understands at the outset, the aim is that KCU will assist the member, and their business to meet their obligations where possible.
• To outline the communication and information requirements when the SME is in financial difficulty

Ultimately, we want to assist members to resolve their financial difficulties and find a way to get them back on a repayment plan that is sustainable and will allow the members business to prosper and grow.

For more information please call to the Credit Union for a copy of our SME booklet, or alternative click here to download a copy in PDF format.

SME members who are in arrears, or in fact in danger of falling into arrears should call 064 66 23720 or email This email address is being protected from spambots. You need JavaScript enabled to view it. to arrange an appointment as soon as possible.

Killarney Credit Union Junior Members

 

Have you met Rua yet?

 

He's our friendly new mascott! Come and find out more in our Junior Members section!

Great loan interest rates from as low as 

5.6%

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For more information about any of our services please feel free to contact us directly.  We will be happy to help in any way we can.

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Home Improvement Loan from Killarney Credit Union

Loans Services Guide

Loan Services Guide

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Loan Services Guide

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Loans from Killarney Credit Union

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Killarney Credit Union

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