Business Loans
Business Loans
At Clonakilty & Dunmanway Credit Union we are proud to support and get involved in our local business community.
We Do Business Loans
The success of your business is just as important to us and the wider community, as it is to you. To avail of a Business Loan, the purpose of the loan must be non-personal, and must be for a business, trade or profession purpose.
Business Loan Benefits
- Decisions are made locally
- Dedicated local support
- Start Up loans available
- Easy Loan Process
- Flexible Repayment Options
- No Account Fees or Charges
- Borrow up to €60,000
- Maximum Term 7 years
Loan Application Process
Where you are a ‘Small Enterprise’ that is an enterprise which employs fewer than 50 persons and which has an annual turnover and annual balance sheet total which does not exceed €10 million.
Please be aware of the following in respect of any loan that you would like to apply for with Clonakilty & Dunmanway Credit Union:
- You are entitled to request a meeting with the Credit Union to discuss any proposed application for credit;
- The timelines applicable to the assessment of a credit application: the assessment process is not expected to take longer than 15 business days from the date of receipt of all of the information/documentation requested. If our decision takes longer than 15 business days, we will advise you how long it will take and the reasons why.
Clonakilty & Dunmanway Credit Union may require the following documents in support of your application for credit:
- 3 months recent bank statements (both business & personal)
- Notice of Assessment/Form 11
- 2 years business accounts
- Clonakilty & Dunmanway Credit Union may require submission of a business plan in support of an application for credit;
Information that may be required in a business plan, is as follows:
- An executive summary
- A description of the business
- Market analysis
- Current sector/market position
- Financial projections including: key assumptions; profit & loss accounts;
- balance sheets; cashflow projections for 3 years
- A refused application for credit could result in a negative impact on a borrower’s credit rating
Calculate Your Loan Repayments
Apply for a loan today with interest rates that suit you!
Maximum Loan Term :
9.38%
9.38%
9.38%
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary. The Annual Percentage Rate (APR) is a calculation of the overall cost of your loan. It is an annual rate that represents the actual yearly cost of the funds borrowed. It takes into account all the costs during the term of the loan including any set up charges and the interest rate. This means that fees and charges are added to the loan amount before interest is calculated.
The benefits of a Loan with us are
Flexible Repayments
We offer flexible repayment terms to fit your specific needs.
No Fees Or Charges
We have no hidden fees or charges, and we make fast and local decisions.
No Penalties
There are no penalties for early loan repayment.
Easy Application
You can apply for a loan easily online, by phone, or in-branch.
Competitive Rates
Our interest rates are highly competitive.
Peace Of Mind
Enjoy peace of mind with loan protection insurance.
Representative Example
A 5 year Business Loan of €20,000 will have 260 weekly repayments of €95.53, Interest 9% variable, (9.4% APR). If the APR does not vary during the term of the loan the total cost of credit is €4,833. The total amount payable is €24,833.
Loan Amount
€20,000
Rate of interest - APR
9%
Loan Term
5 years
Total interest
€4,833
Weekly Repayment
€95.53
Total Cost of Credit
€24,833
The requirements of a Business Loan
One of the main ways we support our members is by offering competitive loans. Our loans are provided on reasonable terms to our members.
Apply Now- Become a member at Clonakilty & Dunmanway CU
- 3 Months Recent Bank Statements (Personal & Business)
- 2 Years Business Accounts
- Proof of Income. Notice of Assessment / Form 11
- Loans greater than €25,000 must provide a comprehensive business plan which should include: Executive summary – business summary – market analysis – current sector / market position Financial projections including – key assumptions – P&L accounts – balance sheets – cashflow projections for 3 years
