Kanturk Credit Union launches new Agri loan product…Cultivate!
Six Credit Unions in the Cork/Kerry region have come together and launched a new Agri Loan product called Cultivate.
The Credit Unions involved are Listowel Credit Union, Killarney Credit Union, and Cara Credit Union in Kerry and Ballincollig Credit Union, Bantry Credit Union and Kanturk Credit Union in Cork.
The new Credit Union farm lending offering is branded under the name “Cultivate” and was officially launched by IFA National Chairman - Farm Business, Martin Stapleton. MC for the night was Pat Spillane, Rural Ambassador and Former Kerry GAA star and guest speaker was Darragh Mc Cullough from RTE’s ‘Ear to the Ground’.
The Credit Union farm lending project is modelled on a pilot initiative by four Credit Unions in County Galway who launched the Cultivate brand in 2017. Since then 20 credit unions throughout Ireland have introduced the Agri loan product to members.
Since its introduction, Cultivate has proved very popular with nearly €20m in loans issued to farmers. The Cultivate farm loans are for a wide variety of purposes, everything from working capital, cash flow, farm development, livestock purchase, farm machinery purchase, rural enterprise funding and start-up farm finance.
Speaking at the official launch Wednesday Martin Stapleton, IFA National Chairman - Farm Business, stated “We are delighted to be associated with Credit Unions and Cultivate and welcome competition to the farm finance market, allowing our members to benefit from accessible and competitive credit”
Brendan Heneghan, former Regional Manager with Teagasc, and project manager of the Cultivate brand stated “We are delighted to officially launch the Cultivate agri loan product to credit union members in the Cork and Kerry area. We have been working hard on this project for the past number of months. Credit Union agri loan staff have completed a bespoke 5-day course on Farm Finance organised by Teagasc in association with Pallaskenry Agricultural College. Credit Unions are now open and ready for business” he concluded.
Kanturk Credit Union is now in a position to offer farmers in the local community an attractive loan offering with unsecured loans available of up to €50,000 for all farm-related purposes and can be taken out for up to seven years. Loan repayment terms are flexible and can be tailored to meet the specific requirements of the individual farmer. Loan protection insurance is also provided on the loan at no additional charge.
Jeremiah Donovan, Chairman of Kanturk Credit Union, stated “We hope that farmers will look to their local credit union as an alternative for farm finance. After all, credit unions are embedded in their local communities and are best positioned to lend to those living or working locally”.
Information on Cultivate farm loans can be got from any of the participating Credit Unions or on www.cultivate-cu.ie.
For further information, please contact Kanturk Credit Union on 029-50276.