Sponsored: TAMS Surge Sees Cultivate Loans From Credit Unions To The Fore

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(Photo taken in 2019).

WITH Targeted Agricultural Modernisation Scheme (TAMS) II due to close at the end of December 2020, farmers in Kerry, who are planning investment need to apply as soon as possible.

Over the last 5 years TAMS grant aid to the value of €204 million has being invested on Irish farms. 40% of the overall spend was invested on dairy farms, particularly on milking machines.

A further 20% was invested in farm buildings, while 12% was invested in slurry spreading equipment. TAMS is currently seeing a surge of applications as it is due to close in December 2020.

The Cultivate loan from Cara Credit Union, Killarney Credit Union and Listowel Credit Union, is focussed on helping farmers invest in their farm business. It is an ideal loan to match TAMS grant aided farm development.

According to Pa Laide CEO Cara Credit Union, “We have worked with a  lot of farmers in Kerry on farm development. TAMS has worked a treat and we hope it continues after the December deadline. Our farmer members need the TAMS support as they re-invest in their farm business. Dairy, beef and sheep farmers are entitled to apply for a grant and while for most cases a maximum of €80,000 is available, in some cases up to €160,000 is available, for example young trained farmers in farm partnerships. We really enjoy working with these farmers and for most of them our offer of loans up to €50,000 suits perfectly”.

Commenting further, Pa said; “While Covid-19 has been challenging for Credit Unions, farm loans have continued to perform very well and we are very much open for farmer business. We are currently funding loans ranging from stocking loans to machinery, new buildings and some working capital. In our offices we have taken Government advice to ensure that all our offices are safe and Covid-19 compliant. It’s also worth remembering that the farmer doesn’t need to give us any security and also doesn’t need to be an existing Credit Union member”.

Cultivate is an initiative of a group of 26 Credit Unions that provides short to medium term loans built specifically for the growing needs of our farming members. Killarney Credit Union (with offices in Killarney, Kenmare & Cahersiveen), Listowel Credit Union ( with offices in Listowel & Ballybunion) and Cara Credit Union (with offices in Tralee, Castleisland & Killorglin) are members of Cultivate.

The Cultivate loan is ideal for farmers who wish to:

• Buy stock in the Spring or Autumn
• Build extra bays onto their existing cattle accommodation
• Develop pasture infrastructure from reseeding to roadways and water systems
• Build a calving house
• Invest in new milking parlour equipment e.g. bulk tan
• Build a machinery shed
• Invest in an upgrade of their tractor or machinery
• Access working capital for periods when cashflow is under pressure

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