Mallow Credit Union, Mitchelstown Credit Union, Synergy Credit Union in Fermoy and Youghal Credit Union are the latest lenders to offer farm finance under the Cultivate brand.

Farmers can borrow up to €50,000 from them without putting up collateral. The variable interest rate is 6.75% APR and the repayment term up to seven years. The loans can fund cashflow and a range of investments such as livestock and machinery, but not the purchase of land.

The initiative began in Co Galway last year and has since been extended to several credit unions in Co Limerick and Co Clare.

Credit unions say they have issued more than €7m in Cultivate loans to farmers in the past 12 months.

Interested farmers are invited to the launch of the scheme in Co Cork in Corrin Mart, Fermoy, on Tuesday 19 June at 7.30pm.

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