SME Loans & Agri Loans – From 8.50%* (Typical APR 8.84%)

The success of your business or farm is as important to us as it is to you. Local business and farms provides local incomes which are good for everyone in the community. From small start-ups to expanding operations, we’ll help to support you every step of the way. With your Credit Union, you’ll have a trusted partner who’s always looking out for your best interests.

Click on the headings below for more information.

SME Loans

Where the loan purpose is for the member’s business, trade or profession.

Business Vehicle & Machinery Loan

Business Vehicle & Machinery Loan –  8.50% Variable Rate (Typical APR 8.84%).

  • Minimum Loan or top‐up amount is €5,000.
  • Maximum loan €60,000
  • Maximum loan term for road-taxable vehicles and smaller machinery items is 5 years.
  • Where the life of the asset is greater than 5 years, we may allow a loan term of up to 7 years.
  • Proof of purchase is required:

Acceptable proof of purchase will be one of the following:

Either one of:

  • A paid invoice for the vehicle or machinery item,

OR

  • A vehicle log book (if relevant)

OR

  • Draw down of the loan taken by way of payment direct to the vehicle or machinery supplier.

Where the proof of purchase has not been provided at draw down, it must be provided within approximately one month later by the member.

The credit union will have the right to convert the loan to a standard rate loan product if proof of purchase is not provided within a reasonable timescale after draw down.

Business Capital Investment Loan

Business Capital Investment ‐ Interest Rate 10.50% (Typical APR 11.02%)

  • For all business premises acquisitions or improvements including property extensions, renovations, or enhancements.
  • This loan type is NOT available for the purpose of purchasing a residential or commercial property for the purposes of generating rental income.
  • Minimum Loan or top-up amount €5,000
  • Maximum Loan €80,000
  • The member must be providing a minimum of 20% of their own funds towards the gross cost of the capital expenditure, and evidence of these own funds must be provided to the Credit Union prior to loan draw down.
  • The maximum loan term is 10 years. However the loan term will reflect the loan purpose and the member’s age.
  • We will require evidence of expenditure for at least 75% of the capital expenditure.
  • Expenditure must be verified by invoices and/or quotations at the application stage.
  • If members are eligible for grant aid, there are no penalties for lump sum lodgments when the grant is received, but repayment instalments for the full loan amount must be met from the outset of the loan.
Business Loan Other

Business Loan Other ‐ Interest Rate 11.95% (Typical APR 12.68%)

For all day to day Business Expenditure, including:

  • Large annual operational or cashflow costs, such as Insurance Premia or Current Year Tax Payments.
  • Business working capital investments.
  • Smaller business capital expenditures.

This loan type is NOT available for the purpose of purchasing a residential or commercial property for the purposes of generating rental income.

  • Minimum Loan or top-up amount €1,000
  • Maximum Loan €40,000

The maximum loan term is 5 years. However the loan term will reflect the loan purpose. For example, loans to finance annual operating costs such as insurance premia should be cleared within 12 months.

AGRI Loans

Where the loan purpose is for investment or expenditure on the member’s farm.

Agri Vehicle & Machinery Loan

Agri Vehicle & Machinery Loan – 8.50% Variable Rate (Typical APR 8.84%).

  • Minimum Loan or top‐up amount is €5,000.
  • Maximum loan €60,000
  • Maximum loan term for road-taxable vehicles and smaller machinery items is 5 years.
  • Where the life of the asset is greater than 5 years, we may allow a loan term of up to 7 years.
  • Proof of purchase is required:

Acceptable proof of purchase will be one of the following:

Either one of:

  • A paid invoice for the vehicle or machinery item,

OR

  • A vehicle log book (if relevant)

OR

  • Draw down of the loan taken by way of payment direct to the vehicle or machinery supplier.

Where the proof of purchase has not been provided at draw down, it must be provided within approximately one month later by the member.

The credit union will have the right to convert the loan to a standard rate loan product if proof of purchase is not provided within a reasonable timescale after draw down.

Agri Capital Investment Loan

Agri Capital Investment ‐ Interest Rate 10.50% (Typical APR 11.02%)

  • For all farming premises acquisitions or improvements including property extensions, renovations, or enhancements.
  • This loan type is NOT available for the purpose of purchasing a residential or commercial property for the purposes of generating rental income.
  • Minimum Loan or top-up amount €5,000.
  • Maximum Loan €80,000.
  • The member must be providing a minimum of 20% of their own funds towards the gross cost of the capital expenditure, and evidence of these own funds must be provided to the Credit Union prior to loan draw down.
  • The maximum loan term is 10 years. However the loan term will reflect the loan purpose and the member’s age.
  • We will require evidence of expenditure for at least 75% of the capital expenditure.
  • Expenditure must be verified by invoices and/or quotations at the application stage.
  • If members are eligible for grant aid, there are no penalties for lump sum lodgments when the grant is received, but repayment instalments for the full loan amount must be met from the outset of the loan.
Agri Loan Other

Agri Loan Other ‐ Interest Rate 11.95% (Typical APR 12.68%)

For all day to day farming expenditure, including:

  • Large annual operational or cashflow costs, such as Insurance Premia or Current Year Tax Payments.
  • Farming working capital investments.
  • Smaller farming capital expenditures.

 

This loan type is NOT available for the purpose of purchasing a residential or commercial property for the purposes of generating rental income.

  • Minimum Loan or top-up amount €1,000.
  • Maximum Loan €40,000.
  • The maximum loan term is 5 years. However the loan term will reflect the loan purpose. For example, loans to finance annual operating costs such as insurance premia should be cleared within 12 months.
Important Information

SME & Agri Loan Applications

  • To apply for a SME Loan or an Agri Loan, you are required to call in to any of our branches. It is not possible to apply for an SME Loan or an Agri Loan through our online banking platform.

*Depending on intended use of borrowings.

Loans are subject to approval. Terms & Conditions apply. If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future.