Credit union membership surge as farmers applaud co-op ethos

As banks close branches and cut services, people now see the credit union as their best alternative, says Bantry CU chief

Finbarr O’Shea, chair of the Cultivate marketing committee and CEO of Bantry Credit Union.

People's need for access to cash and in-person rural banking services is driving a surge in growth in credit union business, not least in the demand for Cultivate farmer loans.

A new Cultivate 2022 half-year report shows a 37% increase in the total number of loan applications for these “farmer-friendly” loans versus the first half of 2021. The average Cultivate loan application for H1 2022 was for €28,083 given over 5.75 years to a farmer with 34 hectares and a total €126,946 debt on their farm; with average debt up 22% vs H1 2021.