The loans are offered jointly by Ballinasloe Credit Union, Naomh Breandan Credit Union in Loughrea, Gort Credit Union and St Jarlath Credit Union in the Tuam area under the brand Cultivate. Farmers can apply immediately to borrow for investments in machinery, buildings and facilities and livestock as well as working capital or cashflow injections under the following conditions:

  • Maximum amount: €50,000
  • Maximum loan term: seven years
  • Interest rate: 6.75% APR as of March 2017
  • Subject to approval, terms and conditions

    • The repayment schedule can be tailored to meet the needs of different farming enterprises.

    There are no fees nor any requirement to have savings or a prior history with any of the participating credit unions.

    "We have plenty of money to give out, and we want to give some farming loans," said Anne McInerney, chief executive of Gort Credit Union, at the launch of the Cultivate loans in Loughrea on Tuesday night.

    Listen to more details in our podcast below:

    Listen to "Credit unions launch new farm loans in Co Galway" on Spreaker.

    "This is only the beginning," added her counterpart at St Jarlath's Credit Union in Tuam, Mick Culkeen. "I hope we will be offering a broader suite of services to the farming community."

    Speaking at the launch, IFA president Joe Healy welcomed more direct involvement from credit unions in farming finance following the quick exhaustion of the €150m available through the Agricultural Cashflow Support Loan Scheme in the past month. "We have seen in the last couple of weeks the absolute appetite that there is for farm finance," Healy said.

    Read more details about the Cultivate loans and farmers' reactions this Thursday in the print edition Irish Farmers Journal and at farmersjournal.ie

    Read more

    Full coverage: Agriculture Cashflow Support Loan Scheme