Finance options tailored to the needs of farmers

MALLOW Credit Union is continuing to serve its farming members with Cultivate local farm finance.

Initially developed in Galway, the initiative has spread to Clare, Limerick and Cork with new credit unions in the midlands coming on board in recent months. The aim of Cultivate is to provide short to medium term loan opportunities, built specifically around the growing needs of our farming members.

To date, loans totalling over €10 million have been issued to the farming community.

The Cultivate farm loan package can offer up to €50,000 unsecured over a max of seven years at a rate of just 6.55% (6.75% APR).

Farming members can use Cultivate to:

• invest in new or second-hand machinery

• upgrade buildings and facilities

• purchase additional livestock

• obtain working capital or increase cashflow

• help finance young farmers starting up

Staff from Mallow Credit Union, Youghal Credit Union, Synergy Credit Union and Mitchelstown came together in May and completed intensive training with Teagasc and the Pallaskenry Agricultural College to better understand the needs of farmers as well as the financial circumstances and payments unique to farmers.

Repayment schedules are designed to suit the individual member; they can be half-yearly, annually or structured around the farm’s income. All loan applications will be processed in-branch, by the loans officer the farmer speaks with.

Mallow Credit Union invites all farmers who might be looking for a source of finance over the coming months to drop in and speak to a member of staff or visit www.cultivate-cu.ie to find your local credit union’s contact details.