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19 Jan 2022

Local Credit Union has given out over €800,000 in loans to businesses since pandemic began

Sean Hackett Electrical Ltd is just one of those local businesses to avail of Clonmel Credit Union’s offering to SMEs

Tipperary Tipperary Tipperary

Hear about one local business Sean Hackett Ltd and their experience of dealing with Clonmel Credit Union.

Clonmel Credit Union has confirmed that over €800,000 in loans at a specially reduced interest rate have been granted to small and medium sized businesses since the pandemic and subsequent lockdown phases of 2020.

Clonmel Credit Union is one of only a small number of Credit Unions nationally approved by the Minister for Enterprise & Employment as an approved lender for the Covid Credit Guarantee scheme which provides them with an 80% guarantee on loans on offer to SME’s impacted by the Pandemic.

Speaking about available support for local SMEs Martina O’Mahony, Clonmel Credit Union, said: "Our Credit Union is keenly aware of the difficulties faced by many of our members during the pandemic. Indeed, many of these difficulties are ongoing, as small businesses and local employers have only recently started to resume normal working hours and practices. 

"Our Covid Credit Guarantee scheme allows us to support them by offering loans at a specially reduced interest rate. Our primary function is to serve our members, our communities and our doors are always open."

Sean Hackett Electrical Ltd is just one of those local businesses to avail of Clonmel Credit Union’s offering to SMEs. 

Founded over 55 years ago, the store on O’Connell Street has been host to three generations with father and daughter duo Sean and Aoife currently at the helm.

Partnering with some of the world’s biggest electrical brands, their aim is to provide customers with quality brands at affordable prices and a guaranteed after-sales service.

"We were looking for a financial institution whose value system matched ours and Clonmel Credit Union was a perfect fit in this respect," said Sean Hackett.

"I would strongly advise any local business to contact the local Credit Union where they can expect to be treated with the respect and professionalism that they deserve. 

"They are receptive to the needs of businesses such as ours and will work with you to respond to all opportunities and challenges," he concluded.

In addition, Ms O’Mahony confirmed that 98% of general loans are approved by Clonmel on a weekly basis with car finance and home improvements representing 60% of total loans during the last year.

"It is notable that Clonmel Credit Union has lent over €126 million to local individuals and SME’s over the last 5 years, €22,611,325 of which was lent in the last year alone," she added, "the economic benefit that extends throughout our communities from this level of loans is enormously beneficial in a relatively small area".

Clonmel Credit Union's objective is to provide a comprehensive range of financial services to meet the needs of its members and communities.

As a co-operative, Clonmel Credit Union reinvests every penny earned in new and improved member services, reserves to make us stronger financially and in community projects ranging from sporting and cultural organisations to local charity and voluntary groups. 

For further information on Clonmel Credit Union, please visit www.clonmelcu.com or speak to a loans officer on 1800 945 987.

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