Mayo's First Choice Credit Union launches Cultivate finance for farmers
FIRST Choice Credit Union has announced that it is joining Cultivate, the collaborative Credit Union finance lending platform for farmers.
Cultivate is the Irish League of Credit Unions’ national farm finance brand for Credit Unions. With First Choice Credit Union now part of Cultivate, there are over 150 locations offering Cultivate loans across the country.
Speaking on behalf of Cultivate, Joe Healy, chairperson of Cultivate, said: “We are delighted to welcome First Choice Credit Union to the Cultivate network. This announcement highlights the growing demand that farmers have to access farmer friendly finance.
“Cultivate offers a specialised finance option to farmers as we look to work with our farming members to develop their business. We offer flexible unsecured loans up to €75,000.
“We look forward to working with First Choice Credit Union and all other local stakeholders as together we improve and expand the Cultivate loan offering for local farmers.”
LOCAL DECISION MAKING
With a growing national footprint, Irish farmers are increasingly able to take advantage of local decision making and personal service offered by Cultivate Credit Unions. Participating Credit Unions work closely with farmer members to meet their changing needs.
Cultivate offers Irish farmers the opportunity to talk with people who understand farming and to agree a financial package that is tailored to best suit the needs of the farmer and their farming enterprise.
Anne King, CEO at First Choice Credit Union, commented on joining the Cultivate brand: “We are extremely pleased to be joining the Cultivate family. We have seen a growing demand from our farming members for farmer friendly finance. The Credit Union is about helping our members and offering Cultivate loans will have a very positive impact on our farming members and the communities we serve.”
2022 CULTIVATE PERFORMANCE
Cultivate also separately published analysis of their 2022 loan applications. Year-on-year, there has been an increase of 33% in the number of Cultivate loan applications received.
The average loan application received from farmers in all sectors was €31,541.
The most popular reason for applying for a Cultivate loan was for stocking and working capital (32%), farm buildings (18%) and equipment purchases (17%).
Last year saw 65% of Cultivate loans being provided to beef farmers compared to 21% to dairy farmers.
Commenting further, Anne King said: “This announcement confirms what we have long believed: Mayo farmers need an alternative flexible finance lender.
“For any farmer who wants to find out more about how to access a Cultivate loan, they can go to www.firstchoicecreditunion.ie, call (094) 9022969 or visit any of our offices in Achill, Balla, Ballyhaunis, Castlebar or Swinford.”
* See 12-page farming supplement in The Connaught Telegraph, in shops today (Tuesday)