Midlands credit union launch farm loans
A GROUP of seven credit unions in the Midlands have come together to offer Cultivate farm loan packages of up to €50,000.
The loans can be used for working capital, livestock purchase, farm development and farm machinery purchase.
The Credit Unions involved in the project are: Birr, Tullamore, Borrisokane, Mullingar, Nenagh, Templemore and Thurles.
The farm lending project is modelled on a pilot initiative by four Credit Unions in Co Galway who launched the brand Cultivate.
This was followed by Credit Unions in Clare, Limerick and North Cork. Cultivate has proved very popular with farmers with over €10m in loans issued to the sector since the product was launched.
No security is required for the loans and they also offer competitive interest rates.