There were more Cultivate loans drawn down by farmers than there were dairy farmers in 2023.
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Having an off-farm source of income remains a major factor for beef farmers applying for credit union farm loans. Almost nine in every 10 beef farmer loan applicants had some form of off-farm income last year.
Beef farmers represented 68% of the farm loans granted by credit unions last year, with dairy farmers accounting for another 20%. Some 61% of these dairy farmers had an off-farm job.
Cultivate stated that the average loan sought by dairy farmers in 2023 amounted to just over €41,000, while the equivalent was €30,600 for beef farmers. The most common debt level for beef farmers was €65,000, while dairy farmer applicants averaged more than double this figure at €162,000. These debt levels were back 9% on 2022.
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The average dairy farmer applying for Cultivate loans owned an area of 41ha, while the average for beef farmers came to 27ha.
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Having an off-farm source of income remains a major factor for beef farmers applying for credit union farm loans. Almost nine in every 10 beef farmer loan applicants had some form of off-farm income last year.
Beef farmers represented 68% of the farm loans granted by credit unions last year, with dairy farmers accounting for another 20%. Some 61% of these dairy farmers had an off-farm job.
Cultivate stated that the average loan sought by dairy farmers in 2023 amounted to just over €41,000, while the equivalent was €30,600 for beef farmers. The most common debt level for beef farmers was €65,000, while dairy farmer applicants averaged more than double this figure at €162,000. These debt levels were back 9% on 2022.
The average dairy farmer applying for Cultivate loans owned an area of 41ha, while the average for beef farmers came to 27ha.
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