Tower Credit Union signs up to €2bn credit guarantee scheme
By Maurice Garvey
TOWER Credit Union is one of a small group of credit unions that are participating in the government’s €2bn Covid-19 credit guarantee scheme.
Formerly known as Clondalkin Credit Union, the service merged with Four Corners Credit Union and Neilstown Credit Union, prior to rebranding as Tower Credit Union in 2018.
The Tower Credit Union
This week, they were one of eight credit unions to sign up to participate in the guarantee scheme.
The Irish League of Credit Unions said the eight members have between them assets of about €1.2bn.
In total, there are 15 credit unions participating in the scheme.
Launched last September, the scheme is supported by the Strategic Banking Corporation of Ireland (SBCI) and aims to provide low-cost funding to businesses coping with the impact of Covid-19.
If offers an 80 per cent State guarantee to participating lenders to provide Irish businesses with access to low-interest loans.
To be eligible businesses must have seen or expect to have at least a 15 per cent reduction in turnover or profits due to Covid-19.
The scheme is open until June 30, 2021, or until fully subscribed.
Loans from €10,000 up to €110,000 are available from Tower Credit Union as part of this scheme.
Tower Credit Union are offering a “heavily discounted” loan rates of 4 per cent for this scheme, discounted from their 12 per cent standard business rate.
In 2019, Tower Credit Union opened it’s doors in Citywest Shopping Centre, extending its services to the wider common bond.
They currently serve the areas of Citywest, Saggart, Rathcoole, Newcastle, Brittas, and Clondalkin.
Visit towercu for further information.
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