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Credit Union Business Loan
We’ll make it our business to give your business a helping hand. Whether you’ve set up a new venture or you’ve served our community for years, we’d love to jump on board and help you reach your goals with a Credit Union Business Loan. The benefits of our Business Loan include quick decision-making, competitive interest rates, flexible repayment terms, and the advantage of supporting your local Credit Union and Community. We support various business structures, including sole traders, partnerships, and limited companies.
Apply for a Business Loan today or work out an affordable repayment plan using our handy Business Loan Calculator. As a credit union, we are committed to supporting local businesses and local entrepreneurs, helping to strengthen our community. If you’re looking to open a business account or move your business account to Croi Laighean Credit Union, click here to find out more.
Why choose a CLCU Business Loan
- No set-up fees or hidden charges
- Affordable loans tailored to your repayment ability
- Large range of business loans with rates from 5%
- Interest calculated only on the outstanding balance of the loan
- Fair and transparent lending process
To apply, you must be a member of Croí Laighean Credit Union
Loan calculator
Warning: 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.
Introduction to Business Financing
Securing the right business financing is a cornerstone of success for any company, whether you’re just starting out or looking to grow. A business loan offers a practical way to access credit for essential needs like expanding operations, purchasing equipment, or managing working capital. By working with a credit union, businesses can benefit from a supportive community approach and often more flexible lending options.
Business Loans Terms and Conditions:
– Security may be required.
– A business plan is required for all loan requests. This should include the current structure of your business, key personnel, and plans for the proposed borrowing.
– An existing business must have a current tax clearance certificate, certified/audited accounts, and a business plan.
– Other lending criteria, terms, and conditions may apply.
Remember, maintaining a strong credit rating is vital, as it directly affects your ability to access credit both now and in the future. Missing repayments on your loan can lead to arrears on your account, which may affect your credit rating and limit your ability to access credit in the future. Careful management of your business loan and repayments ensures your business remains in good standing and ready to seize new opportunities when they arise.
Typical loan amounts for business loans can range from small to large sums, depending on your needs and eligibility. The following repayment examples illustrate how different loan amounts may affect your repayments.
Repayment Examples:
Business Covered loan
A covered loan of €20,000 over a 5-year period would cost €387pm at a variable rate of 6% (APR 6.17%). The cost of credit is €3,199 and the total amount repayable is €23,199
Standard business loan
A standard loan of €50,000 over a 10-year period would cost €661pm at a variable rate of 10% (APR 10.47%). The cost of credit is €29,290 and the total amount payable is €79,290
Stocking Loan
A stocking loan of €10,000 over a 1-year period would cost €872pm at a variable rate of 8.5% (APR 8.84%). The cost of credit is €466 and the total amount repayable is €10,466
Business Consolidation Loan
A business consolidation loan of €20,000 over a 5-year period would cost €430pm at a variable rate of 10.5% (APR 11.02%). The cost of credit is €5,793 and the total amount repayable is €25,793
Secured Business Term Loan
A secured business term loan of €150,000 over a 25-year term would cost €877pm at a variable rate of 5% (APR 5.13%). The cost of credit is €113,066 and the total amount repayable is €263,066
Set Up/Expansion of Existing Business Loan
A setup/expansion of a business loan of €20,000 over a 5-year term would cost €396pm at a variable rate of 7% (APR 7.23%). The cost of credit is €3,761 and the total amount repayable is €23,761
Working Capital Loan
A working capital loan of €20,000 over a 3-year term would cost €636pm at a variable rate of 9% (APR 9.41%). The cost of credit is €2,896 and the total amount repayable is €22,896
Business Plant & Machinery/Expenditure
A business plant & machinery/expenditure loan of €20,000 over a 5-year term would cost €401pm at a variable rate of 7.5% (APR 7.76%). The cost of credit is €4,046 and the total amount repayable is €24,046
Applying for Financing
Applying for business financing doesn’t have to be overwhelming, especially with the support of your local credit union. To strengthen your loan requests, it’s essential to prepare a comprehensive business plan that outlines your business structure, key personnel, and borrowing objectives. Existing businesses should also have a current tax clearance certificate and certified or audited accounts ready for review.
Each loan request is subject to specific lending criteria, including the maximum loan amount and loan terms, so it’s important to understand these details before applying. By working closely with your local credit union, you can access the finance you need to grow your business while benefiting from personalized service and community support.
While every care has been taken in the production of this web page, the Credit Union, or any of its staff, cannot be held responsible for any omissions, errors, or other mistakes on the site. Our Business Loan Calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing.
Rates are correct as of 1/02/2022 and are subject to change. Croí Laighean Credit Union is regulated by the Central Bank of Ireland.
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Need some help or advice?
Our member services or dedicated Business Development Managers are on hand to help in any way we can.