Loans

Community Loan

• 6% (6.2% APR*)
• Borrow up to €100,000
• Supporting the community

Supporting our local community projects

Many community, not-for-profit groups or charities in the South and East Kerry region have worthwhile ideas about how they can improve the socio-economic life of their community.

The Killarney Credit Union community loan product has been designed specially to offer such groups access to capital to help make their vision become a reality. The community loan has been developed to support the development of projects in the following areas:

• sport and recreation
• culture and heritage
• the arts (within the meaning of the Arts Act 2003)
• health of the community
• youth, welfare and amenities
• natural environment

Why borrow from us?

There are many reasons to choose a Community Loan from Killarney Credit Union, from an excellent rate to no administration fees and the ability to repay the loan earlier without penalties.

• Your community group can borrow up to €100,000 over a maximum term of 10 years. 
• We are happy to collaborate with other agencies in progressing your application for community finance.
• Your community loan will be assessed by a special lending panel.
• We don’t charge any administration fees or charges.
• Your community group can repay the loan earlier without penalties.
• Finance is available for buildings and equipment, working capital, cash shortfalls, bridging finance against delayed grants or other confirmed income and the restructuring of debt.
• By borrowing from the credit union, you are supporting your local community as finance is provided by the local community for the benefit of the local community.

Further Information:

Loan Repayment Table

Amount	APR*	Term	Number of Repayments	Monthly Repayments	Cost of Loan	Total Loan Repayable
€5,000	6.2%	1 Year	12	€430.41	€164.86	€5,164.86
€10,000	6.2%	5 Years	60	€193.37	€1,601.70	€11,601.70
€15,000	6.2%	10 Years	120	€166.57	€4,986.89	€19,986.89
€20,000	6.2%	10 Years	120	€222.10	€6,648.90	€26,648.90
€30,000	6.2%	10 Years	120	€333.15	€9,973.35	€39,973.35
€40,000	6.2%	10 Years	120	€444.19	€13,298.23	€53,298.23
€50,000	6.2%	10 Years	120	€555.24	€16,622.68	€66,622.28

 

Typical APR variable Community Loan rate of 6% (6.2% Annual Percentage Rate (APR)). Lending terms and conditions apply. Loans are subject to approval. Table is for illustration purposes only and does not constitute a contract. Figures correct as at March 2021.

Warning: If you not meet the repayments on your loan, your account will go into  arrears. This may affect your ability to access credit in the future.

Documentation Required

• Completed application form - Call into any of our branches and we will be happy to help
• Proof of Identity
  • Completed Killarney Credit Union group mandate on file.
  • Current proof of ID and address of the principal officers/trustees/-directors/beneficial owners.
  • Proof of ID and Address of the principle officers/ trustees/ directors
• Proof of Income
  • Most Recent accounts / Record of Income & Expenditure (2 Years)
  • Tax Clearance cert (If applicable)
  • Financial Projections / Cash ow statements
  • Copy of Funding Letter offer (if applicable)
• Financial Position
  • Current bank/ loan/ HP statements / Credit Card (at least 6 months)
• Group Information
  • Detailed description of the purpose of the loan
  • Charitable status details (if applicable)
  • Key activities / specific services provided
• Other information deemed necessary by the credit union

Download a PDF Information Leaflet

Click the icon below to download a PDF with further information.