What is Cultivate?
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.
Whatever Your Needs:
- Invest in new or second hand machinery
- Upgrade buildings and facilities
- Purchase additional stock
- Obtain working capital
- Increase cashflow
We promise you a friendly professional service, very competitive rates and an easy loan application process with quick turnaround times.
Your loan repayments can be tailored to suit your needs and we can offer loan protection insurance, which is one of the many Cavan Credit Union benefits.
Why choose Cultivate:
- Free Loan Protection Insurance if the borrower dies the loan is cleared – subject to age & health restrictions.
- Choice of repayment options to suit your circumstances.
- Interest is charged on the reducing balance of the loan.
- No penalty charges for early repayment.
- No hidden fees or set up costs.
- No upfront repayments.
- No transaction charges.
To assess a Cultivate loan application the following supporting documentation is required:
- Two years financial accounts (the most recent available)
- The most recent Form 11
- 3-6 months bank statements
- 2 payslips, if in receipt of same
- Evidence of any non-business related income
- Tax Clearance Certificate / letter from your accountant confirming tax affairs are up to date
- Statement of direct payments for the previous year
- Final milk statement for the previous year
- Confirmation of TAMs II approval (if applicable)
- For amounts greater than €25,000 a business plan must be provided, including projections for 3 years
- Any other supporting documentation which may assist in your loan application, including evidence of loan purpose