National Cultivate Week will return next week from April 8 to April 14.
Cultivate is an initiative of a group of credit unions across almost 170 locations in the Republic of Ireland that provides short- to medium-term loans.
National Cultivate Week brings together credit unions and their members to celebrate farmers and the contribution they make to local communities.
The relentless rain is causing major issues for farmers at present with calls for a fodder support scheme to be put in place.
As a result, many farmers are reportedly turning to Cultivate for working capital loans to get through this difficult period.
Cultivate has said that its 6.75% unsecured lending rate is one of the lowest rates on offer in the agri lending market at present.
Benefits of Cultivate loans for farmers
Cultivate credit unions have said that farmers do not need to be an existing credit union member to avail of a loan.
Farmers can avail of unsecured funding of up to €75,000 over 10 years through a “quick and easy” application process.
Cultivate has emphasised that it has competitive interest rates tailored for the farming sector with flexibility on repayments.
The arrangements also include Loan Protection Insurance so that if the borrower dies, the loan is cleared (subject to terms and conditions, age and health restrictions).
Speaking on the importance of Cultivate Credit Union’s lending for farmers, Minister of State for Financial Services, Credit Unions and Insurance, Jennifer Carroll MacNeill said: “Credit Unions have a long and proud tradition in providing innovative and compelling financial services for their members – and none more so than the Cultivate Loan for farmers.
“It’s so good to see more and more farmers apply to their local credit union when thinking of investing in their farms or buying more stock.
“And why wouldn’t they, given the competitive interest rates, the quick loan approval and the real personal service they get with their local branch?”
Speaking on behalf of Cultivate Credit Unions, chairperson Joe Healy said: “With almost 170 branches across the country, participating credit unions are really excited for National Cultivate Week with loads of local events taking place across the country.
“Cultivate loan applications have doubled in just two years to over €50 million last year.
“We believe that this growth is down to the farmer friendly finance options we have to offer which are tailored to the needs of our farming members.”
Webinar
Cultivate will host a live virtual event which brings together a panel of experts to give viewers insights on what lies ahead for farming in 2024.
The webinar ‘Cultivate Conversations: Farming in 2024’ will be livestreamed on Cultivate website and across Cultivate’s social media channels on Thursday April 11.
Among the speakers is Karina Pierce, professor of Dairy Production University College Dublin (UCD) and Philip O’Connor, head of Farm Support, ifac.