THE value of Cultivate Credit Union loan applications increased by 27% last year, to €64,326,580, amid higher demand from farmers for financial support to improve their farms.
This marks the sixth consecutive year of this trend, with the value of loan applications up 338% compared to 2019 levels.
Borrowing activity remained relatively steady throughout 2024. April was the busiest month, constituting 11% of all applications, while December accounted for only 6% of total applications.
The average loan application from a dairy farmer was €49,898 in comparison to €38,153 for a beef farmer.
Dairy farmers were also bigger landowners, owning on average 46 HA of land in comparison to the 30 HA owned on average by beef farmers. Three credit unions in West Cork offer Cultivate loans: Access, Bantry and Macroom Credit Unions.
The most popular purpose for loans was for stocking and working capital (26%), while farm buildings (21%), equipment (20%) and tractors (15%) all proved popular too.
Robert Troy (FF), Minister of State with special responsibility for Credit Unions officially launched National Cultivate Week which takes place all this week, with events taking place nationwide.
This annual event brings together credit unions and their members to celebrate Irish farmers and the vital role they play in sustaining local communities.
‘National Cultivate Week is a celebration of Irish farmers and the communities that support them - and an opportunity to show how credit unions are stepping up to meet their needs,’ said Therese Conway, newly appointed ceo of Collaborative Finance - the organisation behind the Cultivate brand Cultivate loans are built around the realities of farm life: flexibility, speed, and a real personal service.’
