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Friday 14 December 2018

Kerry and Cork credit unions team up with farm lending scheme

FarmIreland Team

FarmIreland Team

Six Credit Unions in the Kerry and Cork region have come together to develop a new Farm Lending product called Cultivate.

The Credit Unions who are collaborating on this new offering are; Killarney, Listowel, Cara (Tralee, Killorglin and Castleisland) in Kerry and Ballincollig, Bantry Credit and Kanturk Credit Unions in Cork.

The new Credit Union farm lending offering will be branded under the name "Cultivate" and the plan is to have it launched in early Spring 2019.

The lending project is modelled on a pilot initiative by four Credit Unions in County Galway who launched the Cultivate brand. Since its introduction, Cultivate has proved very popular with farmers with over €10m in loans issued.

The Cultivate farm loans are for a wide variety of purposes, everything from working capital, cash flow, farm development, livestock purchase, farm machinery purchase, rural enterprise funding, and start up farm finance.

Brendan Heneghan, former Regional Manager with Teagasc, is the project manager of the Cultivate brand and he said that in the coming weeks, each Credit Union will host a meeting to get the views of farmers on farm credit.

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