SME Loan

The Philosophy of St Colmcilles (Kells) Credit Union dates back to 1961, our Mission is to support and promote the financial well-being of the community.

Small Businesses are a vital integral part of our community; the credit union understands the significant variation both within and across the business sector. With this in mind St. Colmcilles (Kells) Credit Union has ventured into the market of providing SME Loans to existing businesses, sole traders and start ups. SME Income and expenditure vary through the year; therefore our SME Loans are structured to meet the financial needs of individual businesses..

Currently our loans are over 5 or 10 years with the flexible option of weekly/monthly/quarterly repayments. Interest is calculated on a reducing balance basis, therefore the quicker you pay your loan the less interest you pay. This loan is insured in the event of death at no extra cost to the member. Terms and conditions apply.

In addition to this, there are no administration or other hidden costs. There are no penalties for early redemption.

Regardless of the scale of the SME operation, our strategy is to tailor our SME Lending to meet diverse business requirements with loans ranging from €10,000 to €100,000 – we aim to underwrite and make a decision within 24 hours. SME Loans can be applied for immediately.

We have a dedicated SME team at St Colmcilles (Kells) Credit Union – so don’t delay, call today.

SME Loan Features

  • Repayments set to meet your personal circumstances
  • Free Life Loan Protection Insurance
  • No Document Fees
  • No Set Up Fees
  • No penalty for early redemption of your loan

Please note that the information contained on this site is designed to assist you with your business  finance application and is in keeping with the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-sized Enterprises) Regulations 2015.

Your Loan’s Officer will guide you through the credit application process.

To support you we have detailed below a check list that is designed to assist:

  • you in providing us with all information relevant to expediting the application process;
  • St. Colmcille’s (Kells) Credit Union Ltd in providing you with the most efficient service during the application process, allowing us to make a decision within 24-48 hours in normal circumstances. However, in more complex cases this may be extended to 5 working days.

Information required from the company and any parent company:

  • Audited Accounts for previous financial years;
  • Management accounts to date;
  • Budget financial projections;
  • Bank statements for the last 6 months;
  • Balancing statement from the Revenue Commissioners;
  • Detail of the beneficial owner of the business;
  • Background of the business, history / current contracts.
  • In certain circumstances a business plan may be required (Information required in the business plan is detailed below)

Where a company is newly established (less than 3 years old), a business plan will be required for review containing:

  • business projections for the next 3 years;
  • plan for the business – details of the trade / expansion details / local competition / strategy /management team information / funding and working capital facilities / requirement for funding from the Credit Union.

St. Colmcille’s (Kells) Credit Union Ltd reserves the right to request additional information or security to support the decision making process once your application has been reviewed. The Credit Union will offer the borrower the option of a meeting which shall, at a minimum, include a credit review on an annual basis.

You are entitled to meet with the Credit Union directly should you wish to do so using the contact details provided below and we shall promptly get in touch.

Loans Department
St. Colmcille’s (Kells) Credit Union Ltd.
Headfort Place
Co. Meath

Tel: 046 9240299



Pre-Application Information for SME Lending

In connection with your proposed application to St. Colmcille’s (Kells) Credit Union Ltd for Commercial Lending, please note the following:

1. Supporting information may be requested from the Credit Union. This potentially may include banking information and financial information.

2. In some cases, a Business Plan may also be requested in support of an application for credit. Where a Business Plan is requested, it should contain an overview of the SME, its Management, its markets, and historic and forecast financial information.

3. The timeline that will apply to the assessment of a credit application will normally be within 5 working days of receipt of a formal application, when complete with all information requested by the Credit Union. If the Applicant requests to meet with the Credit Union, a more exact timeline can be provided at that meeting.

4. At the request of any SME Applicant who is seeking a credit facility from St. Colmcille’s (Kells) Credit Union Ltd, the Credit Union will meet with the Applicant for the purpose of discussing the proposed credit application.

5. A refused application for credit will not result in a negative impact on the SME’s credit record.

6. The Credit Union does not offer assistance with any Government Schemes for SME Lending.

7. The Credit Union may seek security beyond the asset being financed. Such security may include Indemnities, Guarantees and / or charges over assets of the Applicant.

This Information Sheet is issued pursuant to the Central Bank (Supervision and Enforcement) Act

2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015

Information for SME Customers in Financial Difficulties


The Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium Sized Enterprises) Regulations 2015 came into effect on the 1st of January 2017 for Credit Unions. These Regulations set out the processes that regulated entities, such as St. Colmcille’s (Kells) Credit Union Ltd., must adopt with regard to SME customers. These Regulations may be found here.

This information booklet has been put in place in order to provide information to our SME customers who are in, or who are facing, financial difficulties.


In line with those outlined by the Central Bank in the Regulations, St. Colmcille’s (Kells) Credit Union Ltd uses the following terms in this booklet:

‘arrears’ arise where a borrower has not made a full repayment, or only makes a partial repayment on a finance agreement, as per the terms of the agreement, by the scheduled date.

‘borrower’ means a small and medium enterprise including its representatives and/or agents.

‘financial difficulties’ – A borrower must be classified as in financial difficulties where: (a) the credit facility of a borrower is in arrears for three consecutive months.

“not co-operating” means a situation in which—

(a) the borrower has failed to make a full and truthful disclosure to the Credit Union of the information required by the Credit Union to assess the borrower’s financial situation, within the time frame specified by the regulated entity,

(b) the warning letter, required, has been issued to the borrower, and

(c) the borrower has not carried out the action or actions within the time frames specified in the letter referred to in subparagraph (b);

‘small and medium enterprises’ and ‘SMEs’ are as defined in European Commission recommendation 2003/361/EC, which categorises SMEs as “enterprises which employ fewer than 250 persons and which have an annual turnover not exceeding EUR 50 million, and/or an annual balance sheet total not exceeding EUR 43 million and shall include ‘smaller enterprises’”.

‘smaller enterprises’ is the following sub-category of small and medium enterprises: a) a natural or legal person or group of natural or legal persons, but not an incorporated body with an annual turnover in excess of €3 million in the previous financial year, acting within their business, trade or profession (for the avoidance of doubt a group of persons includes partnerships and other unincorporated bodies such as clubs, charities and trusts, not consisting entirely of bodies corporate); or b) incorporated bodies having an annual turnover of €3 million or less in the previous

financial year (provided that such body shall not be a member of a group of companies having a combined turnover greater than the said €3 million)

St. Colmcille’s (Kells) Credit Union Ltd’s process for arrears and financial difficulties

It is of the utmost importance that any borrower who is in or is facing financial difficulties engages with St. Colmcille’s (Kells) Credit Union Ltd at the earliest time. Through open dialogue and communication, St. Colmcille’s (Kells) Credit Union Ltd will be in a better position to fully understand the borrower’s circumstances, helping to reach a practical and appropriate solution for all parties.

St. Colmcille’s (Kells) Credit Union Ltd endeavors to contact all customers, including SME customers, before an arrears situation becomes one that falls within the definition of a financial difficulties case. This will involve speaking to a borrower immediately after a payment becomes overdue or a direct debit is returned unpaid. This contact will be by SMS, then telephone and finally by letter, depending on the circumstances of each individual customer.

An agreement will be sought at the earliest stage after an account goes into arrears to allow the borrower to address the arrears situation so that the account does not remain in arrears for three consecutive months.

Where a financial difficulties situation arises, the borrower will be given an opportunity to address the financial situation before entering into a formal arrangement with the Credit Union, if the customer so wishes. All relevant information pertaining to the financial difficulties will be taken into account by the Credit Union. St. Colmcille’s (Kells) Credit Union Ltd will ensure that the borrower receives information in relation to what to expect when entering into an arrangement with the Credit Union.

An account going into arrears may impact a borrower’s access to other credit lines with St. Colmcille’s (Kells) Credit Union Ltd in the future. Arrears will also affect the borrower’s credit rating. The borrower’s arrears may be shared with relevant credit reference agencies and the Central Credit Register where permitted by contract or required by law.

Documents that may be required

Where a borrower in financial difficulties wishes to enter into an arrangement with St. Colmcille’s (Kells) Credit Union Ltd to remedy an arrears situation, an Income and Expenditure form and all bank statements, credit card statements, mortgage statements may be required. This is to facilitate the assessment of the account by the Credit Union, before a resolution to the borrower’s situation is suggested.

Other documentation, for example, relating to other arrangements or financial plans that the customer has made to ease its financial difficulties, may also be helpful to the Credit Union in understanding the extent of the financial situation. Before processing any alternative payment arrangement for a customer, the Credit Union will discuss with the customer what information is available and relevant, before confirming with the customer what documentation should be submitted for the Credit Union’s assessment.


Once all relevant and complete information is received from the borrower in financial difficulties, St. Colmcille’s (Kells) Credit Union Ltd will assess the borrower’s account in order to reach an alternative payment arrangement. The decision reached following this assessment will be communicated to the customer within 15 working days of receiving all information.

Fees and Charges

A full schedule of the Credit Union’s fees and charges is available on request from its registered offices or on the website. The Credit Union may impose additional fees or charges on borrowers in financial difficulties in accordance with the terms and conditions of the credit facility agreement.

Not Co-operating

If the borrower is deemed to be not co-operating by the Credit Union, the Credit Union may not be in a position to offer any alternative arrangement to the borrower. Where there is any security on the loan, the Credit Union may deem the fact that the borrower is not co-operating as a trigger to exercising all existing legal and/or contractual rights to enforce security. In all cases where security is realised the borrower will remain responsible for any outstanding debt.

Appeal of Decision by St. Colmcille’s (Kells) Credit Union Ltd

In the event that a borrower is not satisfied with the arrangement proposed by St. Colmcille’s (Kells) Credit Union Ltd, or the timeframes involved, the borrower has the right to appeal against this decision. The borrower may appeal against this decision within 14 days of receiving the decision by writing to the Chairman of the Credit Control Committee at the registered offices of the Credit Union.

Where an appeal is made, St. Colmcille’s (Kells) Credit Union Ltd shall assess any appeal that it receives from a borrower within 15 business days of receiving it. The outcome of the appeal shall be provided in writing directly to the borrower or to its appointed representative.

Where appropriate and agreed with the customer, St. Colmcille’s (Kells) Credit Union Ltd shall utilise less formal procedures to reach a suitable arrangement with a customer in financial difficulties in a more efficient manner.

Borrower’s advisers

All borrowers in arrears my employ third party advisers who may accompany the borrower during discussions with the Credit union whether these discussions are face to face or not.


Any borrower may make a complaint about this process to the Compliance Officer, either orally using the telephone number detailed below or in writing to


To discuss any of the information contained in this website, please contact us the details below.

Catherine Curran – Credit Control Officer
St. Colmcille’s (Kells) Credit Union Ltd.
Headfort Place, Kells,
Co. Meath

Tel: 046 9240299