Cavan Credit Union maintains relationships with farmers


Mark Hayes, Director of Business Development; Noelle Fitzpatrick, Loan Manager and Therese Conway, CEO of Cavan Credit Union.PHOTO: SEAN MCMAHON

Cavan Credit Union Joins Most Successful National Cultivate Farm Loan Initiative.

Therese Conway, CEO of Cavan Credit Union, extends an open invitation to the launch of the new farm loan offering on Monday morning October 11 at Clarkes of Cavan, Moynehall Retail Park, Cavan.

“We would love to see as many people as possible at the launch. It’s open to the general public, and in addition to learning more about Farmer Loans Cultivate, there will be plenty to see thanks to the machines on display from the Clarke Machinery Group. Swanlinbar’s M-Tec Engineering will also showcase some of its trailers and products, ”she said enthusiastically.

“I think we are all excited to be able to start dating again and we hope it will be a fun and interesting event,” added Conway.

The launch will take place from 11 a.m. to 1 p.m., with everyone welcome. Northern Sound will be broadcasting live the same day and there will be refreshments, take-out gifts and the chance to win a Clarke’s € 250 voucher.

Mark Hayes, director of business development at Cavan Credit Union, said the financial institution decided to add Cultivate Farm Loans to its loan product line after identifying agriculture as a particularly important sector for the local economy. .

“In addition to generating income on the farm, agriculture is also a central part of the rural community, with every euro earned by farmers having a multiplier effect in the rural economy,” he revealed.

Ahead of the launch, Cavan Credit Union has engaged in a series of stakeholder meetings with representatives from IFA, Macra na Feirme, Livestock Markets, Dairy Cooperatives, Teagasc, Farm Relief Services, Agro- industries, agricultural entrepreneurs, IFAC, accounting practices, LEADER and LION.

“The feedback from these stakeholder meetings was invaluable in identifying the real needs of the farming community in Cavan. We’ve learned that they value face-to-face personal banking, where a farmer can go to the credit union, discuss their loan needs with a lender who has farming knowledge, and where the farmer can go to the credit union. The process is simple and fully completed at the branch, ”said Mr. Hayes.

Noelle Fitzpatrick has been appointed Cultivate Loan Manager at the Cavan Credit Union. She has worked for the credit union for eight years. “She is very knowledgeable about loan underwriting and is also very interested in farming. She is currently completing her Green Cert at Ballyhaise College and is familiar with a farm and applying for a loan. She is the perfect fit for this role and is excited, as we all are, to bring Cultivate agricultural loans to the farming community of Cavan, ”said Mr. Hayes.

Raised on a farm in Cornafean, Ms Fitzpatrick revealed that she has always loved animals and farming. “I’m really looking forward to taking on the role of dealing with Cultivate Loans as it’s great to be able to combine my interest in farming with my professional life as a credit union loan manager. “

She added, “I know farmers are busy people with a lot of work to do and they appreciate a quick and efficient loan application process that is completed at the branch, which we offer here at Cavan Credit Union.

Cultivate Farm loans are specifically aimed at farmers and offer loans of up to € 50,000 for terms of up to seven years, at an interest rate of 6.55% (6.75% APR) at various purposes, including the purchase of livestock, agricultural development and the purchase of agricultural machinery. , with repayment schedules adapted to farmers’ cash flow.

The Cultivate Farm loan is designed with a competitive interest rate. “This is obviously important because of the nature of a farm’s cash flow and flexible repayment options are also a key factor and we will facilitate that,” Ms. Fitzpatrick said.

The loans are also open to young beginners trained in agriculture. “Seed funding for people starting out in farming will also feature in the Cultivate farm loan offering and we know from our feedback that there is an appetite for this because there are people out there. keen to get into farming, but there are costs to be covered in doing so, ”said Ms. Fitzpatrick.

“We look forward to working with a wide range of farmers in providing Cultivate agricultural loans and are confident that the Cultivate loan offering will meet the needs of the local farming community. “

Cultivate is now available in 100 credit union offices in Ireland. The average Cultivate loan is currently € 26,791, granted to a farmer over six years.

“In the first six months of 2021, Cultivate saw almost the same number of loan requests as all 12 months of 2020 (94% of 2020 volume),” Fitzpatrick revealed.

“This shows the desire of farmers to reinvest in their farms and highlights an appetite for maintaining sustainable agricultural businesses,” she added.

It also positively reflects the resilience of the agricultural sector throughout the COVID-19 pandemic.

The most popular loans so far in 2021 have been for storage and working capital, followed closely by farm buildings and tractor purchases.

The Cavan Credit Union team is hopeful that many members of the local farming community can join them at Monday’s launch event.

Contact Ms. Fitzpatrick for Cultivate Farm Loans at Cavan Credit Union at 049-4331715, by email at [email protected] or in the branch at 83 Main Street, Cavan.

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