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Farmers see value of €50,000 Cultivate loans available from Credit Unions

Farmers see value of €50,000 Cultivate loans available from Credit Unions
John Finucane is glad he opted for a Cultivate loan, a specialised loan for farmers created by a group of 26 Credit Unions, an unsecured funding up to €50,000 over seven years.

John Finucane is a dairy farmer from Askeaton, County Limerick who wanted to develop his farm. When he went looking for finance, he realised that outside of the traditional financing methods, there are more suitable options available including the Cultivate loan that is offered by participating Credit Unions.

I found working with Cultivate very easy. No stress involved in it whatsoever.

Farmers see value of €50,000 Cultivate loans available from Credit Unions

Cultivate is an initiative created by a group of 26 Credit Unions to provide short to medium term loan finance built specifically around the growing needs of Irish farmers. Cultivate is a specialised loan for farmers seeking unsecured funding up to €50,000 over seven years.

As a full-time dairy farmer John Finucane was keen to expand his farm. He decided to put in a new bulk tank to take the extra milk from his increased herd size and extend the cubicle shed for the additional capacity. To support these activities, John turned to his local Credit Union and availed of their Cultivate loan.

Easy stress-free loan application process

The application process for John worked really well. In his own words: “I found working with Cultivate very easy. No stress involved in it whatsoever.”

Equally as important for John was the flexibility in repaying the loan in a way that suited him: “They suited the way I wanted to repay it over the summer months … no problem drawing down the money or anything.” Once John was approved for the loan, he installed the bulk tank straight away and he is now in the process of putting in the extra cubicles. These changes are making his work on the farm much more manageable. In short, John said: “the Cultivate loan has made life much easier.”

John Finucane with his new bulk tank on his farm in Limerick.
John Finucane with his new bulk tank on his farm in Limerick.

As a farmer-friendly finance option, loan repayment schedules are available up to a period of seven years, with flexibility to repay at times that make sense for the individual farmer. Cultivate loans are unsecured, and there is no need to be an existing Credit Union member to avail of a loan. Farmers can sign up in their local participating Credit Union office and be eligible to apply for a Cultivate loan immediately.

Cultivate loans are used by farmers like John Finucane for a wide range of investments including:

  • purchasing new or second-hand machinery;
  • upgrading farm buildings and facilities;
  • undertaking farm improvement works such as fencing and reclamation;
  • buying additional livestock.

Cultivate loans are offered by 26 Credit Unions in Ireland. A full list of participating Credit Unions is available on this map at Cultivate-CU.ie.

If you are a farmer looking to invest in your business, pop into your local participating Credit Union today, call FREEPHONE 1800 839 999 or visit Cultivate-CU.ie/#enquiry to learn more about our farmer-friendly finance.

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