MINISTER NEALE RICHMOND PRAISES CREDIT UNION COLLABORATION AT STRATEGY DAY

MINISTER NEALE RICHMOND PRAISES CREDIT UNION COLLABORATION AT STRATEGY DAY

Collaborative Finance, the organisation behind Ireland's rapidly expanding farm finance brand, Cultivate, recently hosted a strategic gathering in Portlaoise with participating credit unions from across the country. The event, held at the Killeshin Hotel, was officially opened by Neale Richmond TD, Minister of State for Financial Services, Credit Unions, and Insurance.

Local CEO, Brian King of Premier Credit Union, who also serves as a voluntary Board member of Collaborative Finance, played a key role in the event. Over the past winter and spring, Brian has worked closely with his fellow Board members to deliver an ambitious Strategic Plan for Collaborative Finance, with a particular focus on its flagship product, Cultivate.

Launched in 2017 with just four credit unions, Cultivate has grown rapidly, offering farming families an alternative source of short and medium-term finance to invest in their farms. With quick loan approvals, flexible repayment plans, and unsecured finance of up to €75,000 over 10 years, Cultivate has become an essential resource for farmers. Today, Cultivate is available through 53 credit unions at over 170 locations nationwide, with loan applications doubling to over €50 million last year alone.

During the strategy day, credit union CEOs discussed the future of Collaborative Finance's expanding product range, including Cultivate Secured and Greenify. Cultivate Secured offers low-interest secured loans of up to €300,000 for up to 30 years, addressing farmers' more substantial financial needs. While Premier Credit Union is actively exploring the possibility of offering this new secured product, the Credit Union is already seeing great success with the unsecured agri-loan, where local farmers can borrow up to €75,000 with flexible terms. Premier Credit Union encourages farmers to contact them to learn more about this popular financing option.

In addition, Premier Credit Union is proud to offer a range of green loan products, helping its members invest in energy-efficient upgrades. Premier Credit Union is also in the process of evaluating the Greenify product from Collaborative Finance to further expand its green lending options in the near future.

Minister Neale Richmond TD highlighted the importance of collaboration in his address, stating: "Collaborative Finance exemplifies the power of working together among credit unions. The success of Cultivate is a testament to what can be achieved when credit unions unite to better serve their communities. I am eager to continue supporting credit unions in their growth and innovation in the years ahead."

Brian King, CEO of Premier Credit Union, added, “Collaboration is at the heart of the credit union movement. We are proud to offer Cultivate to our members as part of our commitment to Collaborative Finance. It was a pleasure to meet with Minister Richmond and our fellow CEOs from across the country. Credit unions play a vital role in the lives of our members and in our local communities. The Minister’s ongoing support is greatly appreciated.”

Photo Index:

Brian King, CEO of Premier Credit Union, with Joe Healy - Chairperson of Collaborative Finance, and Minister Neale Richmond - Minister of State with responsibility for Financial Services, Credit Unions, and Insurance, at the recent Collaborative Finance event in the Killeshin Hotel, Portlaoise. Premier Credit Union is a member of Collaborative Finance and provides Cultivate farm loans.  Brian is also a voluntary director on the Board of Collaborative Finance.