WESTPORT, Ireland–Westport Credit Union has become the latest local lender to launch a finance offer dedicated to farmers. According to the Farmers Journal, the Co Mayo credit union is now inviting farmers to apply for its Agri Loan product, which it says is “designed to support local farming."
Farmers can borrow up to €50,000 for up to 10 years, at a rate of 6.7% APR. Livestock, machinery, sheds and feed are examples of the purchases Westport Credit Union says it can finance with the loans, the Farmers Journal reported.
There are no application fees and the lender offers flexible repayment options without penalties for early repayments. The 6.57% APR is similar to the rate offered as part of the joint Cultivate offer by four credit unions in Co Galway.
The program offers fixed, while the rates on loans available from Cultivate and most banks are variable. With European Central Bank rates at an all-time low, variable rates are more likely to go up than down in the coming years.