Cultivate Credit Unions has announced the inaugural National Cultivate Week, a celebration of the credit unions’ commitment to the farming community.
Taking place from Monday, March 27 to Sunday, April 2, National Cultivate Week will bring credit unions and their members together to celebrate farmers and the contribution they make to local communities.
Cultivate has recently released the findings from a review of the 2022 loan applications showing a 33% year-on-year increase in the total loan amount applied for.
According to Cultivate, this figure highlights the strong demand for the Cultivate loan as farmers continue to invest in their business and manage significant working capital requirements as input costs soared.
Cultivate Credit Union loan applications
The average loan amount applied for was for €31,541 over a 5.6-year period. 2022 saw 65% of Cultivate loans being given to beef farmers, while dairy farmers accounted for 21%.
Cultivate is a group of 46 credit unions with over 150 offices that provide short- to medium-term loan support built specifically around the growing needs of credit union farming members.
Participating credit unions across the country are gearing up for National Cultivate Week with a host of national and local events being planned.
One of the highlights of the week will be a virtual event, ‘The Farming Outlook – Spring 2023’, which will take place on Wednesday, March 29, providing an opportunity for Cultivate Credit Union members and farmers to get an exclusive insight into the latest trends from experts within the agricultural industry.
Speaking on behalf of Cultivate Credit Unions at the official launch of National Cultivate Week with Minister Charlie McConalogue, chairperson Joe Healy said: “We are thrilled to launch the first-ever National Cultivate Week, showcasing our commitment to supporting the growth and development of our local farming community.
“Cultivate was first introduced to Irish farmers in 2017 when only four credit unions offered the loan. Since then, the growth has been phenomenal.
“There are now over 150 locations offering short- to medium-term loans through Cultivate, enabling farmers to continue thriving within the industry.
“We can see by the growth in the loan amounts applied for in 2022, that Cultivate is perfectly suited to support the needs of our farming members,” he added.
The chair has urged farmers to think about their local Cultivate Credit Union when looking for finance for any farm work including buildings, machinery, fencing or stocking loans.
As part of a Cultivate loan application, local farmers are given the opportunity to have open and supportive discussions with credit union staff who understand the agricultural sector.