New agri loan from Carlow Credit Union ‘a welcome alternative’

A new agricultural loan facility was launched in the south-east of the country recently as Carlow Credit Union unveiled its “Agri Loan”.

The financial co-operative body launched the agri loan with an official event in April and are delighted with the take-up of the loan since then.

Siobhán Gray, credit manager, said: “We have received lots of enquiries over the phone and farmers have visited our offices to see if the agri loan can help them with their farm finances.”

Continuing, she said: “We welcome enquiries from farmers living or farming within our common bond area which stretches from Donard, Co. Wicklow, almost to Bunclody, Co. Wexford, and over to Timahoe, Co. Laois.

“We can issue anything from €3,000 to €50,000 [€80,000 with TAMS II approval]. I would say to anyone thinking of borrowing, call in or phone us, start the conversation, and we will take it from there.”

George Collier, chairman of Co. Carlow IFA, welcomed the arrival of the agri loan. “It is great to see that farmers now have an alternative source of finance to help them run their business.

“Also the fact that decisions are made locally in Carlow is a huge plus together with the personal service that Carlow Credit Union offers. There is a team of qualified loan officers with agri loan experience available to help farmers. We encourage our members to check out this agri loan,” he said.

Gilbert Smyth, chairman of the Carlow IFA Farm Business Committee, said that he felt the Carlow Credit Union Agri Loan was most suited to farmers who want to free up working capital.

“When farmers get their loan, they can negotiate discounts of 10% to 15% with their merchants as they become cash customers. Some farmers may query interest rates but it is what you save in the long run that makes this loan worth checking out.

“The other big advantage is that loans are covered by insurance so the debt is not passed onto family members. Even though some terms and conditions apply, it reduces the burden on families at a very vulnerable time,” he said.

Apply for up to €50,000 (€80,000 with TAMS II approval)

Short to medium-term loan opportunities are available, built specifically to meet your needs for the following purposes:

  • Purchase additional livestock;
  • Invest in new or second-hand machinery;
  • Upgrade your buildings or farm facilities;
  • Working capital;
  • Increase cash-flow.

Advantages of a Carlow Credit Union Agri Loan

Some of the advantages of credit union loans include:

  • The option to pay off loans early, make additional lump-sum repayments or increase regular repayments without penalties;
  • Insurance included on savings and loans at no direct costs;
  • Local application decisions and approvals;
  • Interest charged on reducing balance, so that less interest is paid with each repayment.

Background

Founded in 1963, Carlow District Credit Union Ltd. is a co-op not-for-profit based financial institution owned by over 30,000 members who save and borrow on a regular basis.

Since 2015, three other credit unions have merged with Carlow – Ballon/Rathoe, Rathvilly and Mayo/Doonane.

Following the mergers, Carlow Credit Union’s common bond area extends into rural areas near to Bunclody, Co. Wexford, Donard, Co. Wicklow, and Timahoe, Co. Laois.

Further information

For those interested in learning more about the agri loan, further information is available on: www.carlowcreditunion.ie; or by phoning: 059-9131994; or by emailing: [email protected].

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