ENNISCORTHY Credit Union has partnered with the financial lending platform for credit unions, Cultivate, in a new initiative specifically aimed at people in the agricultural sector.
This is good news for farmers, farm organizations and farming businesses in the local community, especially with Ulster Bank exiting the Irish market and many rural branches of the Bank of Ireland shutting down.
Enniscorthy Credit Union covers a large rural area and has four offices in County Wexford.
The main office is in the town of Enniscorthy, which is also home to Co Wexford Marts and many of the county’s agribusinesses, and the credit union also has field offices in Ballymurn, Taghmon and Murrintown.
A spokesperson for Enniscorthy Credit Union said the Cultivate loan is expected to open up funding opportunities for many local farmers.
With Cultivate, unsecured loans of up to € 50,000 are available and farmers can borrow for a variety of farming purposes including storage, farm machinery, cash flow and general farm investment.
The term can be up to seven years at an interest rate of 6.55 percent (6.75 percent APR) with repayment schedules designed to accommodate farmers’ cash flow.
In August, Cultivate released an analysis for the first six months of 2021 and the report highlighted how a growing number of farmers are turning to Cultivate for their farm finance.
The new loan offer was officially launched at Johnstown Castle, home of the Irish Agricultural Museum, with Wexford IFA President Jer O’Mahony.
Some local IFA representatives were also in attendance, as were representatives from Enniscorthy Credit Union.
Commenting on the new Cultivate loan offering, Liz Cullen, CEO of Enniscorthy Credit Union, said: “We are delighted to be able to offer this new agricultural product which provides medium term financing to our farmer members.
“Cultivate is our newest loan product that allows us to help our farmer members and make their businesses sustainable by providing them with quick and easy access to finance,” said Ms. Cullen.
She pointed out that “Cultivate Farmer Friendly Finance” is specifically designed to meet the growing needs of agricultural members of the credit union and is offered at a very competitive rate.
Any agricultural credit union member interested in learning more about the Cultivate offering is encouraged to visit the Enniscorthy Credit Union website, www.enniscorthycu.ie, or contact Orla or Lena on 053 9233835.
Orla Doyle, loan officer at Enniscorthy Credit Union, said the organization is delighted to be able to offer the new option to the farming community within the common bond area.
“We are available six days a week, in person, by phone or online,” Ms. Doyle said.
“We can do business the way that works best for you,” she added.
She said decisions are made locally by lenders with quick turnaround times.
“Our friendly, professional, local and down-to-earth staff are here to help farmers meet their financing needs,” said Mrs. Doyle.