SHARING OPTIONS:
In 2020, the loans were mainly used for on-farm activities including, stocking and working capital (25%), farm buildings (20%) and tractor purchase (16%). \ Ramona Farrelly
The number of credit unions offering Cultivate farm loans has grown to almost 90 following the addition of 11 new locations.
Cultivate is a collaborative credit union finance lending platform for farmers.
The four new credit unions, with 11 offices, which are joining the initiative are Athlone Credit Union, Connect Credit Union in Louth, Drogheda Credit Union and Glanmire Credit Union in Cork.
In 2020, the average loan application from farmers in all sectors was up 5% year-on-year to €24,800. The loans were mainly used for on-farm activities including, stocking and working capital (25%), farm buildings (20%) and tractor purchase (16%).