GREAT NEWS!
The Cultivate Loan will very soon be available to members.
LAUNCH DATE: MONDAY 13TH APRIL.
Cultivate Loan
6.55% (APR 6.75%)
Realise your future growth with a Cultivate Loan - Farmer Friendly Finance.
With a Cultivate loan, you can borrow up to €75,000 over a 10 year period.
Important: Loan applications cannot be made until the 14th April.
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Cultivate is an initiative of a group of Credit Unions that provides short to medium term loan opportunities built specifically around the growing needs of our farming members.
Why a Cultivate Loan:
- Once you are eligible for a Credit Union Loan, repayment terms can be designed around your needs
- Borrow up to €75,000 at a low interest rate 6.55% (6.75% APR)
- Repayments are calculated on your REDUCING balance, so you will pay less interest with each repayment
- This loan is insured at no cost to the member against disability or death.
- There is no charge when you take out the loan and there are no hidden fees or transaction charges.
DOCUMENTATION REQUIRED
We will work directly with farmers and their accountants/farm advisors and give a list of the documentation that will need to be provided before a loan application can be processed.
Documentation to be provided*
- Completed Agri Lending Fact Find Form - this form can be downloaded here,
- Most recent 2 year’s certified/audited accounts,
- Most recent chapter 4 notice of self-assesment from Revenue,
- Proof of Tax Clearance,
- Last 6 months business and personal bank account statements,
- Most recent year's direct farm payment statement,
- Last 2 payslips from your PAYE job (if applicable),
- End of year milk statement from Creamery (if in Dairy),
- Completed Declaration of Health Form,
- TAMS confirmation letter will be needed prior to drawdown (if applicable),
- Proof of planning permission for capital projects, where required.
* Additional documentation may be required.
Some useful documentation:
A Cultivate Guide for accountants and farm advisors can be accessed here.
An Information Booklet for Small and Medium Enterprises (SME's) in Financial Difficulty can be accessed here.
CULTIVATE LOAN EXAMPLES
The examples below will help show you the potential repayment costs associated with a Cultivate loan.
| Loan Amount | Monthly Repayments | Cost of Interest | Total Repayment | Loan Period |
| €30,000 | €588 | €5,261 | €35,261 | 5 year |
| €75,000 | €854 | €27,439 | €102,439 | 10 year |
The above examples are for illustrative purposes only, to give an overview of the potential cost of a Cultivate Loan. Please note that these examples only provide indicative quotes, and actual repayments may vary.
Loan Calculator / Loan Enquiry
Use our simple loan calculator to determine potential loan repayments for specific loan amounts. If you have any questions about a loan, make an enquiry below.
Maximum Loan Term :
6.75%
6.75%
6.75%
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
