Are you looking to finance the improvement of your farm? A Cultivate loan is the answer
With two young children on the farm and planning to expand his beef business, farmer Conor Kennedy recognized the need to invest in his farm. So he turned to his local credit union and applied for a Cultivate loan.
ultivate is the collaborative financial lending platform for credit unions for farmers; an initiative that provides short and medium term loan financing specifically built around their growing needs. Now available at over 100 locations across Ireland, this is a suitable financing option for farmers looking for unsecured financing of up to € 50,000 over seven years.
Better quality farm safety and animals
With a young family on the farm, Conor and his wife Mary clearly made it a priority to make sure they had the right handling facilities in place. While maintaining the focus on improving the quality of the animals, they also had to make sure that they were responding to all health and safety issues.
“I mainly wanted to use the Cultivate loan to improve the breeding stock on the farm and improve handling facilities, livestock sorting and loading areas. From a suckler cattle health and safety point of view, having good handling facilities is very important, ”said Conor.
To help achieve these key initiatives, Conor and Mary contacted their local credit union and received a Cultivate loan. The application process for the young couple was very accessible, as Conor describes it: “The process was very straightforward from the first time I called the credit union; it was a process of about two weeks.
Participating credit unions make decisions at the local level. Local loan officers have the discretion to take into account a farmer’s situation. Conor’s local credit union understood the reality facing farmers in Ireland and was able to reflect their financial situation, personal circumstances, needs and background as part of the loan review process.
“The Cultivate Loan has made my life easier since number one, improving the breeding herd on my farm and improving the facilities for handling livestock testing and loading livestock. “
After going through the entire process of applying for and obtaining a Cultivate loan, Conor’s reflective words highlight a very positive experience: “The biggest advantage of applying for the Cultivate loan over other loans was that the process was very simple and that no collateral was required. I would definitely recommend the Cultivate Loan to anyone looking to make improvements or upgrades to their farm.
Loan repayment schedules are available up to a seven-year period, with flexibility to repay at times that are meaningful to the individual farmer. Cultivate loans are unsecured and you do not need to be a member of a credit union to qualify for a loan. Farmers can register at their local participating credit union office and be eligible to apply for a Cultivate loan immediately.
Crop loans are used by farmers like Conor Kennedy for a wide range of investments, including:
- Storage or working capital
- Upgrade of farm buildings and handling facilities
- Purchase of new or used machines
- Undertake farm improvement work such as fencing and reclamation
Cultivate loans are offered by 36 credit unions at 111 locations in Ireland. A full list of participating credit unions is available here.
If you need a flexible loan tailored to farmers, call the toll-free number 1800 839 999, join your participating local credit union today, or visit the Cultivate website to learn more.
Loans are subject to approval. Thermal baths and conditions of application. If you don’t meet your loan repayments, your account will be in arrears. This can affect your credit rating, which may limit your ability to access credit in the future. The cost of your refunds may increase. Credit unions in Ireland are regulated by the Central Bank of Ireland.