Some €10m has been lent by credit unions to farmers over the last 18 months through the farm loan Cultivate scheme, according to Kilrush Credit Union CEO Matt Heslin.

Heslin was speaking at the Wild Atlantic Way networking event in Clare last week, and actively urged farmers to make use of the credit union’s new loan facilities.

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“This could be the new lead for credit unions … we’ve tonnes of cash, about 75% of our cash is unlent,” he said.

The Cultivate scheme is being run by a number of credit unions from Clare to Cork and offers a maximum loan of €50,000 unsecured over a seven-year period at a variable interest rate of 6.75% APR. The average loan size was €17,000.

Heslin said the closure of many local banks had given credit unions a unique opportunity to capitalise on building personal relationships and ties within a community.