SME Lending Regulations
Please note that should you request a meeting with us to discuss the possibilities of the loan we will be happy to organise an appointment for one of our Loans Officers to meet you.
We will require certain information and documents from you in order to allow us to assess your repayment capacity and to underwrite the loan. The level of documents required will depend on the individual circumstances of each loan application and the amount of the credit agreement and may include a business plan including financial projections. We will require you to bring with you your Passport/Drivers Licence, Proof of Address dated with the last six months, proof of income, accounts and bank statements. We may also require Tax Clearance Certificate, your Notice of Assessment etc.
Once we have received all this information from you together with the completed loan application, we will write to you within 5 working days to acknowledge receipt of your completed loan application and advising you that your loan application is proceeding to the loan assessment stage. From time to time we may require further information and we will inform you of any further information required. We will endeavour to ensure that you receive a decision from us within 15 working days of the receipt by us of all information required for us to fully assess your loan.
Once the loan assessment has been completed we will write to you with confirmation of the outcome of your loan application.
Details of Government Support Schemes: Information on government support schemes can be found at the following links:
Security may be required. Types of security which may be required include the following:
- A pledge of shares
- A first legal charge over property
The type and level of security required will be reasonable and will depend on the level of credit sought, the term of the credit agreement and the overall risk which applies to the credit facility. The level of security sought will have regard to the nature, type and value of the security offered.
We will provide you (and any potential guarantor) with a written explanation of why the security is required and the consequences for you (and the guarantor) of providing such security.
Credit History Implications of a Refusal
A refusal of a loan application by the credit union will not adversely affect your credit rating.
A business plan will be required for all loan applications in excess of €25,000. We may require a business plan in other cases also and we will advise you should this be the case.
Your business plan should include the following at a minimum:-
- An executive summary
- A company description
- Market analysis
- Current sector/market position
- Staffing and operations
- Financial projections including
- Key assumptions
- Profit and loss accounts
- Balance sheets and
- Cashflow projections for 3 years