Cultivate farm loan scheme embraced by ILCU
News that Cultivate has become the national farm finance brand for Ireland’s Credit Union sector has been widely welcomed.
CEO of Cavan Credit Union Therese Conway was delighted to learn of the support of ILCU - the largest representative body of Irish credit unions - for the loan scheme.
"This is an important milestone for Cultivate and a great example of the growing collaboration within the sector,” said Therese.
Cavan Credit Union joined Cultivate last autumn and report a very positive response to the farm loan product since.
“We have to date issued 37 Cultivate farm loans, with a total value of just under €1million. These loans have been for a wide range of purposes from developing farm buildings, investing in stock, working capital, and the purchase of tractors and machinery.”
Therese advised: “We were delighted at our launch back in October that Helene McManus, President of the ILCU, and a proud Cavan woman, addressed the audience. It is great to now see Helene, joining Joe Healy, Chairperson of Cultivate, to announce the ILCU’s support for Cultivate.”
Helene McManus said that Cultivate has rapidly established a strong brand identity in Irish farming.
“What began as a pioneering local initiative by four Galway credit unions just five years ago is now widely available across the country. The ILCU supports Cultivate as the agri brand of Irish credit unions,” said Helene.
Helene, said the ILCU is keen to actively participate in the evolution of the Cultivate proposition.
“We look forward to playing our part and adding value where we can as the Cultivate product offering evolves in response to market opportunities.”
Cultivate, Chairperson Joe Healy said the programme is delighted to have received the support of the ILCU.
"This support is a massive boost to us as we seek to achieve our ambition of making Cultivate available to every farmer in the country.”
Cultivate loans are currently available from over 120 credit union offices around the country, and the number of outlets is growing all the time.
Mr Healy continued: “Cultivate's success has been built on a collaborative platform through engagement with all the key agri stakeholders including farmer representative bodies (in particular the IFA), agricultural advisers and training bodies (in particular Teagasc), agri businesses and merchants, accountants, marts and so on. We are delighted to have the ILCU support this collaborative platform. And we look forward to working with the ILCU and all other stakeholders as together we improve and expand the Cultivate loan offering.”
Therese concluded that joining Cultivate has been a real positive for Cavan Credit Union and its members. Therese and the team at the Credit Union look forward to continuing to work with a broad spectrum of farmers in the provision of Cultivate farm loans.
Any farmer interested in a Cultivate farm loan, can contact the credit union whether by phone on 049 4331715, online to info@cavancu.ie or in the branch at 83 Main Street, Cavan.