With years of experience, the couple noticed that things were changing in farming, especially with their contracting business. They wanted to move with the times, so they contacted their local credit union to avail of a Cultivate loan. With their Cultivate loan, Peter and Breda invested in a new low emission slurry spreading tank with a dribble bar.

Cultivate is an initiative created by a group of 47 credit unions to provide short- to medium-term loan finance, built specifically around the growing needs of Irish farmers. Cultivate is a farmer-friendly finance option for farmers seeking unsecured funding up to €75,000 over seven years.

To help make their investment in their new slurry tankers a reality, Peter turned to his local credit union and applied for a Cultivate loan. The application process for Peter worked really well, in his own words: “The first thing that struck me was the personal attention. We filled out the paperwork. The process was very, very short.”

Finance from people who understand farming

Equally as important for Peter was the level of understanding and support available at his local credit union in relation to the needs of their business. It was important to him that the loan was specifically developed around the farmer’s needs.

“Whether you’re buying a piece of machinery or putting down extra slurry storage or a shed or a tank or something, it’s ideally geared for farmers.” With the help of the Cultivate loan, Peter and Breda have made their farming enterprise fit for the future and they will continue to engage with relevant new technologies as they become available.

Having gone through the full process of applying and securing a Cultivate loan, Peter’s words of advice reflect a very positive experience.

“Farmers are in the heart of the community and a loan like this supports them hugely. For something that you need in your business, I’d advise you to go to your local credit union”.

Unsecured loans

As a farmer-friendly finance option, loan repayment schedules are available up to a period of seven years, with flexibility to repay at times that make sense for the individual farmer. Cultivate loans are unsecured and there is no need to be an existing credit union member to avail of a loan. Farmers can sign up in their local participating credit union office and be eligible to apply for a Cultivate loan immediately.

The average Cultivate loan application from farmers for the first half of 2022 was for €28,083. Cultivate loans are used by farmers like Peter and Breda Keaveney for a wide range of key on-farm activities including:

  • Stocking or working capital (33%).
  • Upgrading farm buildings and facilities (17%).
  • Purchasing farm equipment (16%).

    • These loan purposes underline the importance farmers are placing on investing in their farms, while also highlighting the ongoing pressures facing farmers due to rising input costs.

    Cultivate loans are offered by 47 credit unions across more than 150 locations in Ireland. A full list of participating credit unions is available at www.Cultivate-CU.ie/#map

    Like farmers, credit unions are here for the long haul. If you need a flexible farmer-friendly loan, FREEPHONE 1800 839 999, pop into your participating local credit union today or visit Cultivate-CU.ie to learn more.