Tipperary farmers can Cultivate new loans with local credit unions
Cultivate, the collaborative credit union finance lending platform for farmers, announced that six more credit unions have joined the platform bringing the availability of Cultivate loans to 111 locations throughout Ireland.
Locally, Templemore and Thurles Credit Unions are participating members of Cultivate.
Speaking on behalf of Cultivate, the CEOs of Templemore and Thurles, Credit Unions, Michael Fogarty and Brian King said: “We are delighted to welcome six new credit unions to the Cultivate family. Despite the ongoing complexities from Covid-19 and impending changes from the recently published Food Vision 2030, this announcement highlights the ongoing demand that farmers have to secure farmer friendly finance.
“We are a specialist provider of finance to farmers and offer flexible unsecured loans up to €50,000, so we are well placed to support them when a farmer needs to invest in stock or working capital or to finance farm buildings or machinery.”
With a growing national footprint, farmers are increasingly able to take advantage of the local decision making and personal service offered by Cultivate Credit Unions. Participating credit unions work closely with farmer members to meet their changing needs.
Cultivate offers farmers the chance to talk with people who understand farming and to agree a financial package that this tailored to best suit the needs of the farmer and their farming enterprise.
Mr Fogarty, commented: “We are thrilled with this consistent growth in Cultivate farm loans. The reality on the ground is that, despite Covid-19 and Brexit, there is a growing demand among farmers for access to local, friendly finance with quick decision making”
Throughout the county the average Cultivate loan application in the first 6 months of 2021 was for €26,791, with repayments spread over a six-year period. The most popular loans were for stocking and working capital (25%), followed closely by farm buildings (24%) and tractor purchases (17%).
Commenting further Brian King said “This expansion announcement confirms what we have long believed: that there is strong demand among Irish farmers for an alternative flexible finance lender. To meet this growing demand, we in Thurles and Templemore are delighted to welcome more credit unions who are excited to offer Cultivate loans across the county”
To find out more about how to access a Cultivate loan, contact Templemore or Thurles Credit Union or go to www.Cultivate-CU.ie or call 1800-839999
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