Dairygold’s milk suppliers can now avail of Bank of Ireland’s Enviroflex loan package to borrow amounts ranging between €10,000 and €500,000 at a variable interest rate.

Interest currently sits at 5.03% under the Bank of Ireland package, which the lender stated is a “discounted market rate”.

Amounts of up to €120,000 can typically be drawn down unsecured and a standard loan term of seven years applies.

The loans are available to suppliers engaged in sustainability practices and will be underpinned by Bord Bia’s quality assurance programme and measures contained in Teagasc’s marginal abatement cost curve.

For Dairygold suppliers specifically, they must take part in the co-op’s sustainability programme to avail of the loans.

Bank of Ireland first launched the Enviroflex package with Kerry Co-op in November 2023 and the addition of Dairygold means that the lending option is now available to one in every three farmers in the country.

The lender is reporting that the package is proving popular with farmers upgrading milking facilities, increasing slurry storage and investing in renewable energy, such as solar panels.

Reducing emissions

Dairygold’s head of agribusiness Liam O’Flaherty stated that partnering with Bank of Ireland is just one of the supports the co-op introduced to assist suppliers’ sustainability.

“We will continue to work with our milk suppliers to make the transition to more sustainable farming easier for all involved,” commented O’Flaherty.

“Working together with our stakeholders, including milk suppliers, members, customers and banks, is crucial for us to meet our sustainability targets and make the future of farming more sustainable.”

Bank of Ireland plays a “key role” in supporting farmers’ efforts to reduce emissions, according to the lender’s agri development manager John Fitzgerald.

“We are delighted with the strong response to Enviroflex since its launch, with farmers accessing it to improve cashflow and finance on-farm developments over a longer period and we look forward to making this product available to more farmers across the agriculture industry in 2024,” he said.

“We welcome Dairygold milk suppliers to the Enviroflex scheme, now available to over a third of all Irish dairy farmers.”

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Bank of Ireland joins Kerry Dairy Ireland with sustainability-linked loans