The ENNISCORTHY Credit Union has teamed up with the credit cooperative’s Cultivate lending platform to form a new initiative specifically aimed at those in the agricultural sector.
It’s welcome news for farmers, farming organizations and agricultural businesses in the local community, especially with Ulster Bank’s exit from the Irish market and the closure of many of the Bank of Ireland’s rural branches.
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 agricultural businesses, and the credit union also has field offices in Ballymurn, Taghmon and Murrintown.
A spokesman for Enniscorthy Credit Union said the Cultivate loan is expected to provide funding opportunities for many local farmers.
Cultivate has unsecured loans of up to € 50,000 available and farmers can borrow for a variety of agricultural purposes, including warehousing, farm machinery, cash flow and general agricultural investments.
The term can be up to seven years at an interest rate of 6.55 percent (6.75 percent APR) with repayment plans that are tailored to the farmers’ cash flow.
In August, Cultivate published an analysis for the first six months of 2021 and the report highlighted how more and more farmers are using Cultivate for their farm finance.
The new loan offering was officially launched at Johnstown Castle, home of the Irish Agricultural Museum, with Wexford IFA Chairman Jer O’Mahony.
Several local IFA representatives were present as well as representatives from the Enniscorthy Credit Union.
Commenting on the new Cultivate loan offering, Liz Cullen, CEO of Enniscorthy Credit Union, said, “We are excited to offer this new agricultural product that provides medium-term funding for our agricultural members.”
“Cultivate is our newest loan product that enables us to help our farming members future-proof their business by providing quick and easy access to finance,” said Ms. Cullen.
She stressed that Cultivate Farmer Friendly Finance is specifically geared towards the growing needs of the credit union’s agricultural members and is offered at a very competitive price.
All agricultural credit union members interested in learning more about the Cultivate offering should visit the Enniscorthy Credit Union website www.enniscorthycu.ie or contact Orla or Lena at 053 9233835.
Orla Doyle, Head of Lending at Enniscorthy Credit Union, said the organization is pleased to offer the new option to the farming community in the shared bond area.
“We can be reached six days a week in person, by phone, or online,” said Ms. Doyle.
“We can do business in the way that suits you best,” she added.
She said that decisions at the local level are made by lenders with fast turnaround times.
“Our friendly, professional, local and down-to-earth people are here to assist farmers with their funding needs,” said Mrs. Doyle.