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Credit Union for business

  • 10-12-2009 10:20pm
    #1
    Mr Biz
    Closed Accounts Posts: 75 ✭✭


    Is anyone using the Credit Union for business/loans?

    While the banks are basically a non runner for new businesses at the moment, the Credit Unions seem to be lending to members..


Comments

  • #2
    suey71
    Closed Accounts Posts: 805 ✭✭✭suey71


    Hi Mr Biz, I recently got a loan from the Credit Union. It is for a start up business, but I told them it was for a car. They asked for proof of earnings etc. and I had a good track record with them so I was approved.


  • #3
    TheWaterboy
    Registered Users, Registered Users 2 Posts: 379 ✭✭TheWaterboy


    Banks are doing a load of advertising at the moment promoting their services to small business. I received a flyer yesterday from BOI saying that they have 500 million to offer new business and 5 out of 6 applicants are approved for a new business loan.

    The thing about the credit union is that you need a good history with them and also need to have a decent amount of capital in your savings with them. Can be tough as a result on cash flow.


  • #4
    mickbyrne
    Closed Accounts Posts: 164 ✭✭mickbyrne


    Credit unions are probably the best institutions to approach at the moment for loans. They loan to people not to business, but you can borrow for you business personally, if you know what I mean.

    It would be great if a business 'credit union' was set up.


  • #5
    suey71
    Closed Accounts Posts: 805 ✭✭✭suey71


    The thing about the credit union is that you need a good history with them and also need to have a decent amount of capital in your savings with them. Can be tough as a result on cash flow.[/quote]


    I agree with the good repayment history but as far as having a decent amount of savings in, no. I actually still had some of a previous loan to pay off and only had about 3000euro in savings and I got a loan for, lets say the price of a new car.

    The good thing about the Credit Union is that if you are having difficulty repaying your loan you can opt to pay only the interest until you get back on your feet.

    Downside is I think the Credit Union might have a higher interest rate than the Banks.


  • #6
    tombull82
    Registered Users, Registered Users 2 Posts: 910 ✭✭✭tombull82


    mickbyrne wrote: »
    Credit unions are probably the best institutions to approach at the moment for loans. They loan to people not to business, but you can borrow for you business personally, if you know what I mean.

    It would be great if a business 'credit union' was set up.

    On you go Mick. great idea.. now who do I ask for startup costs??:D:D


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  • #7
    MOH
    Registered Users, Registered Users 2 Posts: 6,465 ✭✭✭MOH


    TheWaterboy wrote: »
    Banks are doing a load of advertising at the moment promoting their services to small business. I received a flyer yesterday from BOI saying that they have 500 million to offer new business and 5 out of 6 applicants are approved for a new business loan.

    Gf rang AIB, BOI, UB and BoS 12 days ago asking them to post out details on what they have to offer small businesses. Bank of Scotland stuff arrived 3 days alter, no one else bothered to reply. They're not falling over themselves looking for customers.


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