Cultivating... the Credit Union way
Kerry and Cork Credit Unions are working together to support local farmers with the launch of a new Agri Loan product called 'Cultivate'. The Credit Unions involved are Cara, Killarney and Listowel in Kerry, and Ballincollig, Bantry and Kanturk in Cork.
Since its introduction, Cultivate has proved very popular with farmers with nearly €20m in loans issued to farmers. 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.
The Cultivate package offers loans up to €50,000 for a variety of purposes. The loan rate is competitive and the term of the loan can be up to 7 years. Loan protection insurance is also provided on the loan at no additional charge.
Brendan Heneghan, former Regional Manager with Teagasc, said: "We hope that farmers will look to their local credit unions as an alternative for farm finance. After all, credit unions are embedded in their local communities and are in a position to lend to those living or working locally."
Information available from any of the participating Credit Unions or on www.cultivate-cu.ie.