26 March 2023
National Cultivate Week Celebrates Irish Farmers as loan applications grow by 33%
Image: (L-R) Representatives from Cultivate Credit Unions, Joe Healy (Chair), Aine Doyle, Siobhan Donnelly, and Siobhan Durack alongside Minister Charlie McConalogue. Photo Credit Therese Aherne
People First Credit Union is proud to announce the inaugural National Cultivate Week, a celebration of the credit unions' commitment to the farming community.
Taking place from March 27th to April 2nd, 2023, National Cultivate Week will bring credit unions and their members together throughout the country to celebrate farmers and the contribution they make to our local communities.
Cultivate have recently released the findings from a review of the 2022 loan applications showing a 33% year-on-year increase in the total loan amount applied for. This figure highlights the strong demand for the Cultivate loan as farmers continue to invest in their business and manage significant working capital requirements as input costs soared.
The average loan amount applied for was for €31,541 over a 5.6-year period. 2022 saw 65% of Cultivate loans being given to beef farmers while dairy farmers accounted for 21%. Cultivate is an initiative of a group of 46 Credit Unions with over 150 offices that provide short to medium term loan support built specifically around the growing needs of credit union farming members. Participating credit unions across the country are gearing up for National Cultivate Week with a host of exciting national as well as local events being planned.
One of the highlights of the week will be a virtual event, The Farming Outlook – Spring 2023, which will take place on Wednesday, March 29th, providing an opportunity for Cultivate credit union members and farmers to get an exclusive insight on the latest trends from experts within the agricultural industry including Breian Carroll (ACA), Philip O’Connor (ifac) and Adam Woods (Irish Farmers Journal).
More information about Cultivate week can be found on the Cultivate website (www.Cultivate-CU.ie).
Speaking on behalf of Cultivate, Belinda Gyves, Cultivate Farming Specialist from People First Credit Union highlighted:
“We are thrilled to launch the first-ever National Cultivate Week, showcasing our commitment to supporting the growth and development of our local farming community."
"At People First Credit Union, we take pride in playing a part in the journey of our farming members. Our lending platform, Cultivate, provides short to medium term loans, enabling farmers to continue thriving within the industry. This weeklong celebration is a reflection of the strong bonds developed throughout the years between credit unions and the farming community. We can see by the growth in the loan amounts applied for in 2022 that Cultivate is perfectly suited to support the needs of our farming members."
Thanks to Cultivate, farmers in Counties Laois and Kildare are able to benefit from the personalised service and local decision making offered by People First Credit Union. As part of a Cultivate loan application, local farmers are given the opportunity to have open and supportive discussions with credit union staff who understand the agricultural industry. Cultivate Credit Unions pride themselves on their ability to support local farmers on their journey towards sustainable enterprises while having a positive impact local economies.
Farmers who want to find out more about National Cultivate Week or how to access a Cultivate loan are encouraged to call into People First Credit Union over the event week or they can go to www.Cultivate-CU.ie or call Belinda on 089 4686985 for further information.
Be part of the celebration and join People First Credit Union between March 27th to April 2nd.