Westport Credit Union included in the Covid-19 Credit Guarantee Scheme
Westport Credit Union is delighted to be 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.
Key Features of the Scheme:
• It’s aimed at supporting local businesses that have been impacted by Covid-19
• To be eligible, businesses must have seen or expect to have min. 15% reduction in turnover/ profits due to Covid-19
• Interest rates will be lower than the standard rate available to businesses
• Loan terms from 3 months to 66 months available
• A guarantee premium payable to the government will apply
• The scheme is open until 30th June 2021 or until fully subscribed
Commenting on its inclusion in the scheme, Pauline Ryan Manager said: “here at Westport Credit Union, we understand how important local business is to the local economy and the devastating impact Covid-19 has had on them. With the Covid-19 Credit Guarantee Scheme in place at Westport 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.
ILCU CEO, Ed Farrell said “We are 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. 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”.
The Tánaiste and Minister for Minister for Enterprise, Trade and Employment, Leo Varadkar TD, said “Credit Unions are at the very centre of communities across the country. They have an excellent reputation in their local areas and understand the needs of their customers. Their inclusion will help further diversify the options available to small business under this Scheme.”
Local businesses will be able to apply to Westport Credit Union for lending through the CCGS from 1st February. For more information or to APPLY please click HERE
Loans are subject to approval. Terms and conditions apply.
Westport Credit Union Limited is regulated by the Central Bank of Ireland
