Surge in demand for North Midlands Credit Union Cultivate farming loans

Following on from last year’s success, National Cultivate Week is back and it takes place from April 8 - 14. National Cultivate Week brings together credit unions and their members to celebrate farmers and the contribution they make to local communities. 

The relentless rain is causing major issues for farmers at present with calls for a fodder support scheme to be put in place. Consequently, many farmers are turning to Cultivate for working capital loans to get through this difficult period.

Cultivate’s 6.75% unsecured lending rate is one of the lowest rates on offer in the agri lending market at present. For any farmer who wants to find out more about how to access a Cultivate loan, they can go to www.northmidlandscu.ie or call 044 934 8817.

Why farmers are choosing Cultivate farming loans

• Farmers do not need to be an existing credit union member to avail of a loan
• Unsecured funding of up to €75,000 over 10 years
• Quick and easy application process 
• Competitive interest rates tailored for the farming sector (6.75% APR one of the lowest rates available in the market for unsecured lending)
• Flexible repayment plans that makes sense for the farmer
• Personal service - the Credit Union will deal directly with farmer’s accountants 
• Loan Protection Insurance is provided at no extra cost. If the borrower dies the loan is cleared (subject to terms and conditions, age and health restrictions).

• No penalties for early repayment.
• No transaction, administration or set up costs.

Speaking on the importance of Cultivate Credit Union’s lending for farmers, Minister Jennifer Carroll MacNeill said: “Credit Unions have a long and proud tradition in providing innovative and compelling financial services for their Members – and none more so than the Cultivate Loan for farmers.  It’s so good to see more and more farmers apply to their local Credit Union when thinking of investing in their farms or buying more stock. And why wouldn’t they given the competitive interest rates, the quick loan approval and the real personal service they get with their local branch?” 

Speaking on behalf of Cultivate Credit Unions, chairperson Joe Healy said, “With almost 170 branches across the country, participating credit unions are really excited for National Cultivate Week with loads of local events taking place across the country. Cultivate loan applications have doubled in just 2 years to over €50 million last year. We believe that this growth is down to the farmer friendly finance options we have to offer which are tailored to the needs of our farming members."

Live farming webinar

On Thursday, April 11, Cultivate will host a live virtual event which brings together an exciting panel of experts to give viewers insights on what lies ahead for farming in 2024. The webinar “Cultivate Conversations: Farming in 2024” will be livestreamed on www.cultivate-cu.ie and across Cultivate’s social media channels. Speakers include: Karina Pierce, Professor of Dairy Production UCD, Philip O’Connor, Head of Farm Support ifac, Adam Woods, Deputy Editor Irish Farmers Journal, and Joe Healy, Cultivate Chairman & former IFA President.