Mid­lands credit union launch farm loans

Irish Independent - Farming - - NEWS -

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.

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