To help make this plan a reality, they turned to their local credit union and applied for a Cultivate loan.
Cultivate is an initiative run by a group of 40 credit unions to provide short and medium term loan financing specifically designed to meet the growing needs of Irish farmers. In these uncertain times, Cultivate is a farmer-friendly financing option for farmers seeking unsecured financing of up to â¬ 50,000 over seven years.
Given the uncertainty of beef and tillage prices, the Cogan family felt that a transition to dairy was their best option, especially with the arrival of the next generation and growing demand. in the dairy industry.
With Robert, a progressive and ambitious young farmer involved, they decided to invest in a flour bin and slurry tank while upgrading their existing milking parlor.
To support some of these activities, Maurice and Robert turned to their local credit union and took advantage of a Cultivate loan.
The application process for Maurice and Robert worked very well; in their own words âfrom start to finish the whole process was very simple. We wouldn’t be where we are today without the help of the Cultivate Loan.
Finances of people who understand agriculture
Equally important to Robert was the level of understanding and support available at his local credit union regarding their business needs.
âThe ambition is to cultivate the future by increasing the size of the herd and by continuously investing and improving the facilities on the farm. Switching to dairy production requires a very large investment. The credit union understood our business and our needs.
With the help of the Cultivate loan, Maurice and Robert completely converted to dairy farming. They now milk 49 cows and have the ambition to grow their herd significantly in the months and years to come.
Robert found the level of understanding and support available at the credit union very important.
After going through the entire process of applying for and obtaining a Cultivate loan, Mauritius’ advice reflects a very positive experience: âI would strongly recommend that farmers who wish to make improvements to their farm consider applying for a Cultivate loan. . “
As a farmer-friendly financing option, loan repayment schedules are available up to a seven-year period, with flexibility to repay at times that are meaningful to the individual farmer.
Cultivate loans are unsecured and you do not need to be a member of a credit union to receive a loan. Farmers can register at their local participating credit union’s office and be eligible to apply for a Cultivate loan immediately.
The Cogans used the Cultivate loan to invest in a lunch box and slurry tank, while making improvements to their existing parlor.
Crop loans are used by farmers such as Maurice and Robert Cogan for a wide range of investments, including:
Cultivate loans are offered by 128 sites in 40 credit unions in Ireland. A full list of participating credit unions is available at www.Cultivate-CU.ie/#map.
Normal life may be suspended, but agricultural life continues. Like farmers, credit unions are here for the long haul.
If you need a flexible loan tailored to farmers, call the FREE PHONE 1800-839,999, join your participating local credit union today, or visit Cultivate-CU.ie to find out more.
Loans are subject to approval. Baths and conditions of application. If you don’t meet your loan repayments, your account will be in arrears.
This can affect your credit rating, which may limit your ability to access credit in the future. The cost of your refunds may increase. Credit unions in Ireland are regulated by the Central Bank of Ireland.