COUNTY GALWAY, Ireland–As many as 225 farmers from all around County Galway here have drawn down loans averaging €15,000 just three months after the launch of the “Cultivate Lending” initiative launched by this country’s credit unions.
The loan applications have been processed at four CUs: Loughrea, Ballinasloe, Gort and Tuam.
The targeted loans for the agricultural sector were launched in March of 2017 by the Galway Credit Unions and have attracted a “huge response” from farmers across the county, according to the credit union.
An estimated €3.5 million has been lent to farmers for a variety of agri-development projects at a lending rate of 6.75% with a maximum payback period of seven years.
Mick Culkeen, manager of St. Jarlath’s Credit Union, told the Farming Tribune that the whole concept of the loans is to “do something positive” for its farming membership.
“We don’t call this ‘easy credit,’ but we do describe it as accessible credit. If it’s productive, if it’s agri and if it ‘stands up’, then the credit unions are in a position to strongly support the farming community,” Culkeen told the publication.