Enniscorthy Credit Union Reports Record Demand for Farm Loans

Farmers are continuing to invest in their businesses despite pressures from weather, input costs and tighter margins, with record demand for farming loans recorded in the first half of this year.

Cultivate Credit Union says farming loan demand reached €41.3 million between January and June 2026, representing a 37% increase on the same period last year.

The average loan application was €43,007, with farmers borrowing over an average term of 81 months.

Beef farmers accounted for the largest share of lending, with loans being used for stocking and working capital, as well as farm equipment, tractors, jeeps, buildings and land improvements.

The average beef farmer application was €39,510, compared with €58,992 for dairy farmers.

Cultivate says the figures show that farmers are continuing to invest in their farms despite the financial pressures facing the sector.

March was the busiest month for loan applications, accounting for 19% of the total, driven largely by beef farmers.

Enniscorthy Credit Union is one of 57 credit unions involved in Cultivate, which provides short and medium-term finance to farmers.

Orla Doyle, Head of Lending at Enniscorthy Credit Union, says more farmers are choosing to arrange their farm finance through their local credit union, where they can access a personal service from people who understand the realities of farming locally.

Cultivate says its most popular loan purposes so far this year have been stocking and working capital, farm machinery and equipment, and buildings and land improvements.