Kerry Credit Unions are proud to announce the inaugural National Cultivate Week which is a celebration of the credit unions’ commitment to the farming community.
Taking place from March 27th to April 2nd, 2023, National Cultivate Week is bringing credit unions and their members together throughout the country to celebrate farmers and the contribution they make to our local communities.
Cultivate has 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.
Investment Continues
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, including Killarney Credit Union, Cara Credit Union and Listowel Credit Union that provide short to medium term loan support built specifically around the growing needs of credit union farming members.
The Farming Outlook
Participating credit unions across the country have geared up for National Cultivate Week with a host of exciting national as well as local events. One of the highlights of the week is a virtual event, The Farming Outlook – Spring 2023, which will take place on Wednesday, March 29th.
This will provide an opportunity for Cultivate credit union members and farmers to get an exclusive insight on the latest trends from experts within the agricultural industry.
Those involved will include: 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).
Supporting Growth and Development
“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,” said Siobhan Donnelly on behalf of the Kerry Cultivate Credit Unions.
“At Killarney, Cara and Listowel credit unions, 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,” she added.
Week-Long Celebration
“This week-long 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 County Kerry are able to benefit from the personalised service and local decision making offered by Killarney, Cara and Listowel Credit Unions,” said Ms. Donnelly.
Impact on Local Economies
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 how to access a Cultivate loan are encouraged to call into their local credit union in Tralee, Killarney, Listowel, Cahersiveen, Castleisland, Killorglin, Kenmare, Ballybunion, Ballyduff and Causeway.
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