First Choice Credit Union has been approved for the COVID-19 Credit Guarantee Scheme to boost local SME & Agri community lending.
Seven of Ireland’s largest Credit Unions, including First Choice Credit Union approved under the scheme.
First Choice Credit Union, a member of Metamo, the joint venture between 16 Credit Unions and Fexco, has been approved as a lender under the Government’s COVID-19 Credit Guarantee Scheme (CCGS).
First Choice Credit Union, will now be able to provide Government backed loans directly to local SMEs, whose survival is critical to the continued vibrancy and economic wellbeing of the Achill, Balla, Ballyhaunis and Castlebar areas.Loans ranging between €10,000 and €1m, for terms of between 3 months and 5.5 years, will be available to local businesses under the scheme.
First Choice Credit Union is included in the first wave of Metamo’s Group of Credit Unions to be ratified under the scheme, which is designed to support SMEs and Agri businesses who are facing challenges due to the Covid-19 pandemic. A key differentiator in the offering of the seven Metamo Credit Unions will be that lending decisions will be made in the community by credit union staff with a deep knowledge of the businesses applying for loans.
Business sectors in the Achill, Balla, Ballyhaunis & Castlebar areas which are in particular need of support.
Anne King, CEO of First Choice Credit Union, said:
“Our inclusion under the Covid-19 Credit Guarantee Scheme means we are ideally placed to support our local businesses who have been adversely affected by Covid-19.