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067-34444info@nenaghcu.ie
Why Borrow from Nenagh Credit Union for business purposes?
We are committed at Nenagh Credit Union in serving our community, which includes the business community. The provision of a competitive and efficient business loan service to our members is considered to be an essential and valued service. In this regard it is our policy to ensure that members have access to credit for prudent and productive purposes to enable them to enhance their business. At the same time it is Nenagh Credit Union’s duty to act prudently throughout the lending process in order to protect the assets of the Credit Union and equally it is important to ensure that our members do not become over-indebted.
Advantages of borrowing with Nenagh Credit Union:
No hidden or additional charges
Any purchased asset is owned by the member
No set up or documentation fees
No penalty for paying off your loan early
Repayments can be tailored to suit your particular circumstances
Loan rates are variable and interest is charged on the reducing balance of the loan, therefore you pay less interest as the loan decreases
Free loan protection cover to eligible members
Personal service guaranteed
We are local, easily accessed.
How do I apply for a loan?
As an initial step you may wish to complete the online Preliminary Loan Information Form. However, before the assessment of the loan can commence it will be necessary for you to attend the office to complete and sign the Loan Application Form. If it is a joint business account both account holders must attend at the time of application as both signatures are required.
To speed up the application process please ensure that you have the following at application stage: Standard Requirements to accompany a Commercial loan application where the total amount of commercial loans granted to a borrower, or group of borrowers who are connected is less than €25,000:
6 months personal and business bank statements
The credit risk associated with the business loan.
Purpose of the loan
Statement of affairs
Up to date Tax Clearance Certificate (if applicable)
Most recent set of financial accounts.
Projections or draft accounts, if available.
Up to date list of their debtors and creditors.
Leasing schedules
Additional requirements to accompany a Commercial loan application where the total amount of commercial loans granted to a borrower, or group of borrowers who are connected is equal to or greater than €25,000:
A comprehensive business plan and detailed financial projections. Ideally the business plan should include an executive summary, business description and staffing and operations. In addition to these and depending on the scale and complexity of the loan we may request such matters as market analysis and current market position to be referred to in the business plan.
Marketing plan (if deemed applicable or appropriate)
Adequate security may be required.
The credit union reserves the right to request any other relevant documentation/information that it deems appropriate.
Download NCU Information Booklet for Small and Medium Enterprises (397.9kb)
