Waterford Credit Union

We look after our own

Waterford Credit Union

We look after our own

BUSINESS LENDING

Here at Waterford Credit Union, we provide a flexible and convenient source of credit for those looking to set-up or expand their business.

A business loan is defined as a loan whose purpose is specific to the member’s business and main income source, e.g. stock loan for retail outlet, renovation loan for hairdressing salon.

 

How to apply

To apply for a business loan, you need to undergo a full risk assessment and complete a business loan application form (in an interview with our Credit Supervisor). The information required to complete the form will be supplied to you in advance.

Where a business loan over €25,000 is sought, you will need to provide a comprehensive business plan and detailed financial projections (supported by evidence based assumptions), appropriate for the scale and complexity of the loan. This will enable us to ensure that we are satisfied that you have the capacity to generate sufficient income to repay the loan.

Your business plan should include the following (at a minimum):

  • executive summary
  • company description
  • market analysis
  • current sector/market position
  • staffing and operations
  • financial projections including:
    • key assumptions
    • profit and loss accounts
    • balance sheets
    • cash flow projections for 3 years

Terms & Conditions

  • Waterford Credit Union will not approve any credit unless an application has been received and assessed.
  • Refusals of credit may be appealed through the normal process.
  • Complaints are treated as per Waterford Credit Union policy.
  • Interest rates are variable and the following should be noted:
    • Warning: The cost of your repayments may increase and
    • Warning: If you do not meet the repayments on your credit facility agreement, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

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