Cara CU joins the Brexit business loan initiative

Cara Credit Union has been authorized to participate in the government’s new Brexit Impact Loan Scheme (BILS) for Irish businesses, which is managed by the state-owned Strategic Banking Corporation of Ireland (SBCI).

ara – which has branches in Tralee, Castleisland, Killorglin, Ballyduff and Causeway – is part of a group of five major credit unions, all members of Metamo, that have been approved to offer loans under the new program.

Metamo is a joint venture between 16 of Ireland’s largest credit unions and the financial services company FEXCO.

It was launched in July 2019 with the aim of supporting the viability and sustainability of credit unions by providing an improved range of services and support in key areas such as lending, risk management and the provision of credit unions. technologies.

The five members of Metamo, including Cara Credit Union, are the only credit unions selected to offer loans under the new program, which will provide funds to microenterprises, small businesses and primary producers who have been affected. by the impact of Brexit.

Metamo Credit Unions will be the only community lenders in the program.
Cara Credit Union will be able to provide loans to businesses and producers who depend on the UK for at least 15% of their imports or exports.

The minimum loan value is € 25,000 and the loans will have a term of between one and six years. Approval decisions for new loans will be made at the local community level by Credit Union staff who know their local businesses and can access the best support from the Metamo Center of Excellence.

“We are delighted to be able to expand our range of business loans to include the government’s new Brexit Impact Loan Scheme (BILS). We are now, more than ever, determined to help businesses in our community, without which we simply would not have a community. To this end, we are expanding our range of business loans for all eventualities. If you need financial support, give us a call, we’re here to help, ”said Pa Laide, CEO of Cara CU.

Joe O’Toole, president of the Metamo Credit Union Group, said the group was delighted that the government had approved five Metamo Credit Unions as the first community lenders to participate in the program.

“These short and medium term loans will play a vital role in helping micro, small and medium enterprises and primary producers to cope with the financial impact of Brexit on their respective businesses,” he said.

“Engagement with this program is another progressive step for Metamo as we continue to grow the business of credit unions in the broader financial services industry. We are no strangers to supporting local businesses; they are our neighbors and friends. We look forward to working with them in our community as we strengthen our strong, lasting relationships with these companies going forward. “

Alan Kelly, Managing Director of Metamo, said Metamo’s participation in this new loan program is “great news” for the five selected credit unions and the communities they serve.

“This brings to 10 the number of Metamo credit unions involved in various SBCI programs and underlines the enormous progress made by the group,” he said.

“The Metamo model is built on the power of the collective used to provide greater opportunities for our credit unions and their members. The real winners of today’s announcement are the small businesses that our credit unions will be helping through this new program in locations across Ireland, ”said Kelly.

The Metamo group of 16 credit unions has a combined loan base of over € 1 billion.
Metamo’s participation in the new BILS is one of the many initiatives the Group is undertaking to further develop its capacity to meet the needs of its members and the business community.

Over the past two years, Metamo has expanded the services it provides to its members, including the development of a center of excellence to help credit unions bring new products and services to their members.

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