Credit Unions launch loans of €50,000 for ‘ordinary’ farmers
Four Credit Unions in Galway have launched a new loan product for ‘ordinary’ farmers, with loans of up to €50,000 available.
Cultivate is an initiative of four Galway Credit Unions that provides short- to medium-term loan opportunities built specifically around the growing needs of their farming members.
Farmers can borrow up to €50,000 and the money can be used for a variety of uses, including buying machinery, upgrading buildings, buying livestock, increasing cashflow.
Gort, Ballinasloe, Tuam and Loughrea are the four Credit Unions who have started the initiative.
Mick Culkeen of Tuam Credit Union said that the initiative is not just about credit. "This is the credit union reaching out to broaden the services we do for our members. Farming is a major part of the area here."
“We want to send out a message to ‘ordinary’ farmers that their Credit Union is open and has money to lend.”
The initiative was launched on Tuesday night in Galway, with farmers now able to apply for unsecured loans of up to €50,000 at 6.75pc.
He said farmers in the west had experienced a difficult winter, with rain and storms and may find it difficult to make ends meet.