National Cultivate Week 8th – 14th April
4 April, 2024
Pictured Above: NMCU CEO Tom Allen with Minister of State for Financial Services, Credit Unions and Insurance, Jennifer Carroll MacNeill and CEO of Cavan Credit Union Therese Conway marking the start of National Cultivate Week.
We celebrate National Cultivate Week in North Midlands Credit Union which runs from the 8th to the 14thApril.
Cultivate is an initiative of a group of credit unions across almost 170 locations in the Republic of Ireland that provides short- to medium-term loans. We at NMCU understand the critical role in which farmers play in generating economic activity within our towns and communities.
We continue to innovate by offering farmers Cultivate Loans to support the growth and development of their farm business.
The relentless rain is causing major issues for farmers at present with calls for a fodder support scheme to be put in place. As a result, many farmers are reportedly turning to Cultivate for working capital loans to get through this difficult period. Cultivate has said that its 6.75% unsecured lending rate is one of the lowest rates on offer in the Agri lending market at present.
According to Cultivate Chairperson Joe Healy states; ‘Cultivate loan applications have doubled in just two years to over €50 million last year’.
“We believe that this growth is down to the farmer friendly finance options we have to offer which are tailored to the needs of our farming members.”
The Benefits of our Cultivate Loan;
- Farmers do not need to be an existing credit union member to avail of a loan
- Unsecured funding of up to €75,000 over 10 years
- Quick and easy application process
- Competitive interest rates tailored for the farming sector (6.75% APR one of the lowest rates available in the market for unsecured lending)
- Flexible repayment plans that makes sense for the farmer
- Personal service – the Credit Union will deal directly with farmer’s accountants
- Loan Protection Insurance is provided at no extra cost. If the borrower dies the loan is cleared (subject to terms and conditions, age and health restrictions).
- No penalties for early repayment.
- No transaction, administration or set up costs.
