Financial Difficulties.

Information for Small and Medium Enterprises (SMEs) in Financial Difficulty. Don't Ignore Arrears, come and talk to us. We can help.

Guide for SME’s experiencing Financial Difficulties.

At Synergy Credit Union, we understand the challenges that face our members and their businesses. When we lend to businesses our lending team try to envisage the challenges which that business may face.

However, it is probable that some businesses, despite the best efforts of our members will experience cashflow difficulties from time to time, that could lead to their loan falling into arrears. The longer the term of the loan the greater the probability that something unexpected will happen in the business. This could be something positive such as a large order that required cashflow to be diverted for a short period of time, or something negative such as stock contamination. While we hope that our member’s businesses circumstances will always change for the better, we accept that there will be occasions during the term of the loan that some businesses will experience financial difficulties that affect their ability to meet their loan repayments as expected.

The Central Bank of Ireland has published Regulations for Business Lending to Small and Medium Sized Enterprises (SME Regulations).

This booklet outlines how Synergy Credit Union Ltd deals with SME’s who find themselves facing financial difficulties or experiencing financial difficulty. These regulations became applicable to Credit Unions from 1st January 2017.

The Objectives of SME Regulations;

• A clear definition of the circumstances which define when an SME is regarded as “in financial difficulties”.
• Facilitate access to credit for sustainable and productive business propositions.
• To promote fairness and transparency in the treatment of small to medium enterprises.
• To ensure that there is a structured approach that the member understands at the outset, the aim is that KCU will assist the member, and their business to meet their obligations where possible.
• To outline the communication and information requirements when the SME is in financial difficulty.

Ultimately, we want to assist members to resolve their financial difficulties and find a way to get them back on a repayment plan that is sustainable and will allow the members business to prosper and grow.

For more information please call to the Credit Union for a copy of our SME booklet, or CLICK HERE TO DOWNLOAD

SME members who are in arrears, or in fact in danger of falling into arrears should Freephone 1800 272927 or Email arrange an appointment as soon as possible.

Other sources for helpful Information

Citizens Information

The Citizens Information Board is the national agency responsible for supporting the provision of information, advice and advocacy on social services and for the provision of the Money Advice and Budgeting Service.

Department of Social Protection

Information on all aspects of state supports for consumers.

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Free Legal Advice Centres

FLAC is an independent human rights organisation dedicated to the realisation of equal access to justice for all. To this end it campaigns on a range of legal issues but also offers some basic, free legal services to the public.

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Gamblers Anonymous

Gamblers Anonymous (G.A.) is a fellowship of men and women who share their experience, strength and hope with each other that they may solve their common problem and help others to recover from a gambling problem.


Samaritans offer confidential help giving people time to talk things over.

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Your Mental Health

This website has been developed by the HSE National Office for Suicide Prevention ( as part of the ‘Your Mental Health’ awareness campaign, which aims to improve awareness and understanding of mental health and well-being in Ireland.

Click Here