Affordable Agri/Farm Business Loans - Link Credit Union Ltd

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Farm/Business/SME Loan

Overview

Link Credit Union Ltd supports small and medium businesses, (SME’s) as we see them as been key contributors to our economy, locally and nationally. We want to support them on their journey whether it’s to establish, launch or mature your business.

We endeavour to engage with our members in a clear and transparent manner whilst complying in full with our legal and regulatory obligations under the Central Bank (Supervision and Enforcement) Act 2013. (Section 48) (Lending to Small and Medium Sized Enterprises) Regulations 2015.

You can apply online by clicking the button below.

  • Apply for your loan in minutes through our online portal, digitally sign and drawdown with no requirement to come into the office.
  • Affordable loans at your fingertips.
  • Apply and drawdown online.
  • Flexible terms with no penalty for early repayment.
  • FREE life assurance (on eligible loans).
How do I apply?

To apply for a Farm/Business/SME Loan, please choose one of the three tabs listed below to get further information on the process.

Gather your Documents 1

Gather your Documents

As part of the loan application process, you will be required to provide the following documents.

  • Photographic Proof of Identity i
    Current Drivers licence or Passport. Public Services Card cannot be accepted.
  • Proof of Address i
    A utility bill or bank statement dated within the last 6 months.
  • Proof of PPS Number i
    Can be found on a payslip, medical card, E111 card – we cannot accept the Public Services Card.
  • Proof of income i
    Business plan required for loans €25,000 or above.
  • Bank Statements i
    3 months Bank Statements to run back to back and finish within the last 3 months. Bank Statements are required if this is your 1st loan or total loan balance exceeds €10,000
Apply online 2

Apply online

You can apply for a loan through our online banking portal or CuMobile app. Simply login, apply for your loan, upload the relevant documents with our secure facility and on approval digitally sign and drawdown the loan. There is no requirement to come into the office.

Loan Approved 3

Loan Approved

A member of our lending team will contact you to discuss your application. Loan decisions are normally made within 2 working days.

Gather your Documents 1

Gather your Documents

As part of the application process, you will be required to provide the following documents.

  • Photographic Proof of Identity i
    Current Drivers licence or Passport. Public Services Card cannot be accepted.
  • Proof of Address i
    A utility bill or bank statement dated within the last 6 months.
  • Proof of PPS Number i
    Can be found on a payslip, medical card, E111 card – we cannot accept the Public Services Card.
  • Proof of income i
    2 recent wage/social welfare slips.
  • Bank Statements i
    3 months Bank Statements to run back to back and finish within the last 3 months. Bank Statements are required if this is your 1st loan or total loan balance exceeds €10,000
Apply through email or in the office 2

Apply through email or in the office

Download the loan application form from our website and email it back to our lending department with the required documents. Email to lending@linkcu.ie

Alternatively, you can call into any of our offices, pick up a loan application form which you can complete at home and pop it into our dedicated loans drop box.

Loan Approved 3

Loan Approved

A member of our lending team will contact you to discuss your application. Loan decisions are normally made within 2 working days.

Join us 1

Join us

You will need to become a member of Link Credit Union to apply for a loan. You can do so by clicking on the below link.

Please note: All loans are subject to approval. T&C applies. if you do not meet the repayments on your loan, 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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Whilst every care has been made in the production of this information, it is for illustrative purposes only, so as to give you an overview of the potential cost of borrowing. It does not constitute a loan offer. Link Credit Union Ltd., or any of its staff, cannot be held responsible for any omissions, errors or other mistakes made.

SME Regulations – Who and What do they apply to?

SME regulations apply to “micro, small and medium sized enterprises” and the SME Regulations define these enterprises as follows:

A micro and small enterprise is an enterprise which employs fewer than 50 persons and which has an annual turnover and an annual balance sheet total which does not exceed €10 million.

A medium-sized enterprise is an enterprise which employs fewer than 200 persons and which has an annual turnover not exceeding €50 million and an annual balance sheet total not exceeding €43 million and which is not a micro and small enterprise.

In this context, an enterprise includes a farmer or a sole trader such as a carpenter who is borrowing for the purposes of their farm, trade or profession. It also applies to other members who borrow for a related business purpose and who may be an employee on PAYE. If a farmer or carpenter is borrowing a personal loan for (say) home improvements or a holiday this brochure does not apply. It only applies to loans for the purpose of the business/farm.

Link Credit Union is happy to lend to the SME/Agri sector.

Why were SME Regulations set up?

New SME Regulations came into effect in relation to Credit Unions from 1st January 2017. The objective of these regulations was to strengthen protections for SMEs, while also facilitating access to credit, by introducing specific requirements that regulated lenders must comply with.

These requirements include:

  • Giving SME borrowers greater transparency around the application process.
  • Providing SME borrowers with reasons for declining credit, in writing, that are specific to their application.
  • Providing greater protections for guarantors.
  • Contacting SME borrowers who have been in arrears for 15 working days.
  • Warning SME borrowers if they are in danger of being classified as not co-operating.
  • Expanding the grounds for appeal and setting up an internal appeals panel.

Under the new SME Regulations the Credit Union has a booklet which outlines the Credit Union’s procedures when dealing with SME’s in “financial difficulties” and gives information on the support which will be provided by the Credit Union to SME’s in this situation. The Credit Union recognises that individual SME’s may differ in size and indeed sector and therefore each SME in financial difficulties will be dealt with on a case-by-case basis.

Information Booklet for SME Lending

Information for Small and Medium Enterprises (SMEs) in Financial Difficulty

Contact us today

Alternatively, if you have a query and wish to speak to one of our dedicated loans team you can get in touch with us by clicking on the options below.