The Credit Union said its average farmer customer borrowed just under €25,000 last year under its Cultivate farm loans scheme. \ Ramona Farrelly
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The COVID-19 pandemic has not dented farmer confidence when it comes to borrowing money. According to a new analysis published this week by the Credit Union, the average loan application made by Irish farmers under its Cultivate farm loans scheme increased by 5% last year to just under €25,000, which was spread over five to six years.
Overall, the Credit Union said the total amount lent to Irish farmers in 2020 increased 1% on the previous year, with funding mainly used for a number of key on-farm activities including, stocking and working capital (25%), farm buildings (20%) and tractor purchase (16%).
Two-thirds (66%) of all Cultivate farm loans issued by the Credit Union went to beef farmers, while dairy farmers accounted for 22% of loans.
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Sheep farmers accounted for a further 10% of loans.
According to the Credit Union’s analysis, average debt held by beef farmers is just under €94,000, while average debt levels are higher on dairy farms at €157,000. Cultivate farm loans are offered by 26 credit unions based throughout Ireland.
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The COVID-19 pandemic has not dented farmer confidence when it comes to borrowing money. According to a new analysis published this week by the Credit Union, the average loan application made by Irish farmers under its Cultivate farm loans scheme increased by 5% last year to just under €25,000, which was spread over five to six years.
Overall, the Credit Union said the total amount lent to Irish farmers in 2020 increased 1% on the previous year, with funding mainly used for a number of key on-farm activities including, stocking and working capital (25%), farm buildings (20%) and tractor purchase (16%).
Two-thirds (66%) of all Cultivate farm loans issued by the Credit Union went to beef farmers, while dairy farmers accounted for 22% of loans.
Sheep farmers accounted for a further 10% of loans.
According to the Credit Union’s analysis, average debt held by beef farmers is just under €94,000, while average debt levels are higher on dairy farms at €157,000. Cultivate farm loans are offered by 26 credit unions based throughout Ireland.
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