Information for Borrowers concerned about Financial Difficulties
If your business is experiencing financial difficulties it is important to communicate these issues to us as soon as possible so that we can work together to address them. Engaging with the credit union at the earliest possible stage gives us the best chance of finding a resolution that works for both sides.
We will consider any financial difficulties situation sympathetically and work with you constructively to find appropriate solutions. In most cases, by continuing to work together, we will find an acceptable alternative way forward.
The booklet attached below outline the definitions of terms such as arrears and financial difficulties. It is helpful to familiarize yourself with these terms and the procedures surrounding them. The most important step however is to engage with the Credit Union at the earliest possible point. Apart from our own internal processes we can also point you in the direction of other outside bodies who may be able to further assist your business in solving any trading difficulties it may be experiencing.
The Credit Union Information Booklet below outlines Kilrush Credit Union’s procedures when dealing with SMEs in ‘financial difficulties’ and gives information on the support which will be provided by the Credit Union to SMEs in this situation. The Credit Union recognises that individual SMEs may differ by size and indeed sector and therefore each SME in financial difficulties will be dealt with on a case-by-case basis.
Steps involved in dealing with SME’s in or facing financial difficulties:
Step 1: Contact the Credit Union as soon as possible
Step 2: Inform the Credit Union of your concerns
Step 3: Agree an approach to resolve the situation
Step 4: Provide relevant and reliable information as requested by the Credit Union
Step 5: Complete any necessary documentation requested as part of the assessment
Step 6: Regularly Review your progress with the Credit Union and advise us should your situation change