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Image: Glanmire Credit Union
Cultivate has announced that its credit union farm lending product is now available in 11 new locations, bringing to 88 the number of credit unions offering Cultivate loans nationwide.
Cultivate is the 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 in Co. Westmeath; Connect Credit Union in Co. Louth; Drogheda Credit Union; and Glanmire Credit Union in Co. Cork.
Need for farm finance
Cultivate said that the announcement is an indication of the growing need for farmer friendly finance from credit unions.
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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%).