The idea was strongly promoted and encouraged by James O Kelly and Canon Costelloe. A £10 contribution from each member of the council provided the initial seed capital to commence business. Rathkeale & District Credit Union Limited first opened for business, in rented premises on Main Street, Rathkeale, in May 1975.
The first loan was issued on July 4th, 1975 for the princely sum of £100! An operating loss of £206 was incurred in the initial year. However, by September 1977 matters had improved and a surplus of £916 was generated. Loan balances at the end of September 1977 amounted to £17,508. Over the years Rathkeale & District Credit has steadily grown and today has assets of over €40 million and membership of over 7,200.