Support For Our Local Community Organisations Projects

At Synergy Credit Union, we believe in the power of community. Many local, not-for-profit groups and charities in the areas we serve have incredible ideas about how they can enhance the socio-economic life of their communities. To help turn these visions into reality, we’ve developed a specially designed Community Loan product.

What is the Community Loan?

Our Community Loans are crafted to provide community organisations with access to capital, supporting the development of projects across various sectors. Your community group can borrow up to €250,000 over a maximum term of 10 years (20 years secured), with the flexibility to repay the loan earlier without any penalties. Moreover, we don’t charge any administration fees or charges, making it easier for you to focus on your project.

Areas We Support

The loan has been designed to support projects and initiatives within the following areas:

• Sports and Recreation
• Culture and Heritage
• The Arts (within the meaning of the Arts Act 2003)
• Health of the Community
• Youth Welfare and Amenities
• Natural Environment

Whether you need finance for buildings and equipment, working capital, cash shortfalls, or bridging finance against delayed grants or other confirmed income, our Community Loan can help.

Types of Community Loans

We offer two main types of community loans to cater to your specific needs:

1. Community Capital Projects Loan:

• Purpose: Development projects such as purchase, construction, redevelopment, or retrofitting.
• Availability: Both secured and unsecured loans.
• Maximum Term: 20 years for secured loans.
• Interest Rate: 5.95% (6.11% APR) for secured loans.

2. Community Operational Loan:

• Purpose: Repairs, renewals, and day-to-day funding requirements where long-term cost efficiencies are identified.
• Availability: Unsecured loans only.
• Maximum Term: 10 years.
• Interest Rates:

1. Capital Rate: 6.95% (7.18% APR)
2. Operational Rate: 7.95% (8.25% APR)

Additionally, we offer a Community Bridging Loan for short-term needs, available to community groups or social enterprises with grant approval. This loan is secured to a maximum of €250,000 with an interest rate of 6.95% AER, and it’s repaid upon receipt of grant funds, which must be mandated to the credit union.

How We Assess Your Loan

Your community loan will be assessed by our dedicated lending officers. We collaborate with other agencies to progress your application for community finance, ensuring a thorough and supportive assessment process. For larger loans (€100,000 or more), security and possibly limited personal guarantees might be required as a risk-sharing option.

Supporting Local, Together

By borrowing from Synergy Credit Union, you’re not just securing funding for your project; you’re also supporting your local community. Our finance is provided by the local community, for the benefit of the local community. Since 1965, we have been at the heart of our local community, and as a co-op, it is part of our DNA to help develop our community within our common bond.

At Synergy Credit Union, we’re here to help you support your community. Together, we can achieve great things.