Dairygold announces new Enviroflex partnership with Bank of Ireland
Now available to over a third of all Irish dairy farmers, Enviroflex is designed to support Dairygold milk suppliers
Print13 March 2024
Dairygold has announced a new partnership with Bank of Ireland to offer the Enviroflex loan package to Dairygold milk suppliers.
Now available to over a third of all Irish dairy farmers, Enviroflex is designed to support Dairygold milk suppliers who are actively engaged in implementing environmentally sustainable initiatives to reduce their farms’ environmental footprint, the group explained.
Initial launch
The Cork-based dairy co-operative noted that the sustainability-linked loan first launched in November 2023.
Since then, Enviroflex has already proven popular with dairy farmers, with discounted flexible finance provided to farmers conducting milking parlour upgrades, installing wastewater and slurry storage facilities and investing in renewable and solar technologies.
As the leading lender to Ireland’s agriculture industry with over 82,000 farm customers on its books, it also ‘furthers Bank of Ireland’s ambition of providing a range of sustainable finance products that are carefully designed to help make real, impactful changes.’
Members only
Eligible applicants must be a member of Dairygold Co-Operative Society Limited and be a participant of the Dairygold Grassroots Sustainability Programme.
Applicants will be required to provide evidence of participation in the Grassroots programme and will need to agree to provide Bank of Ireland with the carbon footprint of their farm.
Liam O’Flaherty, general manager, Dairygold Agri Business, said: “This agreement with Bank of Ireland is another example of the range of supports Dairygold has introduced to enhance our milk suppliers farm’s sustainability.
“We will continue to work with our milk suppliers to make the transition to more sustainable farming easier for all involved.
“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.”
Enviroflex is part of Dairygold’s long-standing commitment to working closely with milk suppliers to promote the adoption of best practices in various aspects of dairy farming, including quality milk production, financial management, and sustainability.
Finance package details
- The loan amount can range from a minimum of €10,000 to a maximum of €500,000.
- The interest rate is variable and is currently at a discounted market rate of 5.03% per annum, for those participating in the Dairygold Grassroots Sustainability Programme.
- Typically, unsecured loans are available for up to €120,000.
- Standard term of seven years.
John Fitzgerald, agri development manager, Bank of Ireland, added, “Bank of Ireland is the leading lender to Ireland’s agriculture industry and plays a key role in supporting the sector’s transition to lowering its environmental footprint.”
Read more: Tirlán and Dairygold forge partnership to expand sustainable energy initiative
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