As input prices are expected to rise throughout the agricultural sector, the working capital requirement at farm level will increase in 2022. Farmers in County Wexford are facing an era of increased costs, with fertilizer prices projected to increase up to in some cases over 100 percent, while feed costs have increased 30 percent.
redit unions offering Cultivate loans continue to support Irish farmers seeking access to more working capital to help them through this difficult time. Cultivation loans are a source of farmer-friendly finance provided by 117 credit unions across Ireland.
Orla Doyle of Enniscorthy Credit Union said that given the increased costs to farmers, farmers are being encouraged to “act early” and see if they might have a cash flow challenge in 2022.
“Analyze your fertilizer and feed costs for 2021 and then estimate the expected expenses for 2022. This way you can see relatively quickly whether you need additional working capital, especially in spring.”
Commenting on the increased cost of building materials, Ms. Doyle said, “We know the importance of continuous investment in agriculture. Farms need to be developed to keep the business profitable. Cultivation loans are ideal for this investment, but are also ideal for farmers’ working capital needs, or for buying inventory or machinery. “
Culture loans are unsecured loans up to an amount of € 50,000. For more information on accessing a Cultivate loan, visit www.Cultivate-CU.ie or call Enniscorthy Credit Union on 053 9233835.