7 Credit Unions to offer new farm loans in the midlands

Seven Credit Unions in the midlands have recently come together to offer a new farm-lending product called ‘Cultivate’.

The Cultivate brand was originally launched by four Credit Unions in Co. Galway following a pilot initiative.

The offering was then undertaken by Credit Unions in Co. Clare, Co. Limerick and in north Cork.

Since its introduction, Cultivate has reportedly seen over €10 million in loans issued to farmers.

The Cultivate farm loans are for a variety of purposes, including: everything from working capital; to cash flow; to farm development; to livestock purchases; to farm machinery purchases; to rural enterprise funding; and to start-up farm finance.

Loans with a value of up to €50,000 can be secured – for a variety of purposes in line with feedback from stakeholder and market research – under this new package.

It has been confirmed that the maximum term of the loan is seven years.

The seven Credit Unions who are collaborating on this new offering in the midlands are:
  • Birr Credit Union;
  • Borrisokane Credit Union;
  • Mullingar Credit Union;
  • Nenagh Credit Union;
  • Templemore Credit Union;
  • Thurles Credit Union;
  • Tullamore Credit Union.

Commenting on the new offering, Brendan Heneghan – project manager of the Cultivate brand – said: “Going out and consulting with the stakeholders was seen by the group as an important first step in the project.

“The stakeholder group is made up of: the farming organisations; Teagasc; agri businesses; IFAC and other farm accountancy groups; livestock marts; and the Farm Relief Services (FRS).”

Some of the reported positives of the Cultivate offering are a “speedy application process” and “competitive interest rates“.

“Flexible” repayment options are also said to be “a key factor in the success” of the Cultivate product.

In recent weeks, Credit Union farm loan officers from the midlands have completed a training course organised by Teagasc and Pallaskenry Agricultural College.

Anyone looking for more information or for application forms for Cultivate farm loans is encouraged to visit their local Credit Union office.