People across Carlow and Kilkenny can now use their local Credit Union to apply for a new scheme to help alleviate challenges businesses face during the current pandemic.
St Canice's Credit Union, which operates in Carlow and Kilkenny, has been approved as a lender under a new 'Covid-19 Credit Guarantee Scheme', which is designed to boost local Small-Medium Enterprises and the agricultural sector.
The scheme - originally launched through AIB, Bank of Ireland, and Ulster Bank - allows members to take out loans between €10,000 and €1 million for up to five and a half years, however banks have been hesitant in giving credit during the pandemic situation.
Now, St Canice's is one of the seven largest Credit Unions in the country, who have all been added to the list of lenders, as well as three non-bank lenders - Linked Finance, CapitalFlow and Finance Ireland
Speaking to Beat news, Roisin Gilroy from St Canice's, says it's a great opportunity for people:
"It does mean that - for anyone who has been affected - they can apply for working capital, or they can also re-finance or roll over any debt incurred as a result of COVID-19.
"If they've already established debt, they can re-finance that at a lower rate of 5.11%, which is quite low for any business to be able to get a loan."
