Minister Neale Richmond celebrates Credit Union Collaboration

MINISTER NEALE RICHMOND CELEBRATES CREDIT UNION COLLABORATION

Collaborative Finance, the parent organisation behind Ireland's rapidly growing farm finance brand, Cultivate, hosted a strategic gathering last week (08 July) with participating credit unions from across the country. The event, held at the Killeshin Hotel, Portlaoise, was opened by the Minister of State with responsibility for Financial Services, Credit Unions, and Insurance, Neale Richmond TD.

Launched in 2017, Cultivate began with just four credit unions in Co. Galway offering farming families an alternative short and medium-term finance option which enabled them to invest in their farms.​ The goal of Cultivate was to provide farmers with quick loan approvals, flexible repayments plans and unsecured finance of up to €75,000 up to 7 years.

Since 2017, Cultivate has undergone rapid growth and is now available from 53 credit unions operating in over 170 locations nationwide. Furthermore, the value of Cultivate’s loan applications have doubled in just 2 years to over €50m last year (+22% yoy). 

In addition to Cultivate, Credit Union CEOs discussed plans for Collaborative Finance’s other financial products - Cultivate Secured and Greenify. Cultivated Secured, an extension of Cultivate, offers farmers low-interest secured loans of up to €300,000 for up to 30 years. This move illustrates the Credit Union’s commitment in supporting farmers who have more significant financial requirements. Greenify is another innovative product which helps homeowners finance home energy upgrades, making them more energy efficient, fuel efficient and greener.

The Ministerial address by Neale Richmond TD highlighted the efforts of member credit unions in delivering significant growth and innovation through collaboration:

"Collaborative Finance exemplifies the power of collaboration among credit unions. The success of Cultivate is a testament to what can be achieved when credit unions unite to serve their communities better. I look forward to working with credit unions to support their growth ambitions in the coming years."

Seán Dunne, CEO of People First Credit Union, noted, “Collaboration is an important part of the credit union movement. We are delighted to be able to offer Cultivate to our members as part of our involvement with Collaborative Finance. We were delighted to meet with Minister Richmond and our fellow CEOs from across the country. Credit Unions play a vital role in the lives of our members and in our local communities. The ongoing support of the Minister is appreciated.”

About Collaborative Finance:

Collaborative Finance is a leading resource for credit unions in Ireland, providing a range of competitive, standardised financial products – Cultivate, Cultivate Secured and Greenify.

1. Cultivate: The flagship product offers short to medium term unsecured lending built specifically around the growing needs of its farming members.
2. Cultivate Secured: Supports farmers with more significant financial requirements.
3. Greenify: Focuses on green home loans, supporting Ireland's transition to more sustainable living.