Castlecomer Credit Union included in Covid-19 Credit Guarantee Scheme Through this scheme, credit unions will be in a position to help provide local businesses with the access and supports they need
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Castlecomer Credit Union has been included in the Covid-19 Credit Guarantee Scheme, which supports small and medium Irish businesses that have been impacted by Covid-19.
The scheme, made available by the Department of Enterprise, Trade and Employment and operated by the Strategic Banking Corporation of Ireland provides support for businesses who have experienced an adverse impact as a result of Covid-19.
To be eligible, businesses must have seen or expect to have minimum 15% reduction in turnover/ profits due to Covid-19. Interest rates will be lower than the standard rate available to businesses. Loan terms from three months to 66 months will be available.
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Alan Kelly is feeling fortunate - and it s not just because he landed a new job. The 62-year-old Dubliner was recently named the chief executive of Metamo, a 50:50 joint venture between 16 of Ireland s largest credit unions and fintech company Fexco.
While the role is one reason Kelly feels grateful, he has also been blessed with a bout of good fortune that began in September 2019. Back then, he sold his hotel business, The Maples House Hotel in Glasnevin, just months before the Covid-19 pandemic hit Ireland and devastated the sector. You know what they say; it s better to be born lucky than rich, he says. The decision was all about luck, nothing to do with foresight.
SHARING OPTIONS:
Debt levels on dairy farms have remained remarkably stable, indicating a significant amount of expenditure has been done through savings and cash flow.
According to the most recent Teagasc National Farm Survey results, 64% of dairy farms in Ireland had an average debt of just over €110,000 in 2019. This means that over one-third of dairy farmers in Ireland have no debt at all.
So what of the ones who do? Is €110,000 a high level of borrowings? In financial speak, there are two ways of looking at this – the first is to look at leveraging and the second is looking at the debt to asset ratio.