Dairygold links up with Bank of Ireland on new loan initiative

A NEW partnership between Dairygold and Bank of Ireland will offer the co-op’s suppliers up to €500,000 in loans for farmers involved in environmentally sustainable initiatives.

The Enviroflex loan package for Dairygold milk suppliers is available to over a third of dairy farmers, and  is designed to support suppliers who are actively engaged in implementing initiatives to reduce their farms’ environmental footprint.

Enviroflex is a  sustainability-linked with discounted flexible finance provided to farmers conducting milking parlour upgrades, installing wastewater and slurry storage facilities and investing in renewable and solar technologies.

Eligible applicants for the dairygold scheme 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.

Dairygold Agri Business general manager Liam O’Flaherty 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 are crucial for us to meet our sustainability targets and make the future of farming more
sustainable.”

Bank of Ireland launched the Enviroflex option in November. The bank has more than 82,000 farm customers nationwide.

‘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. We welcome Dairygold Milk Suppliers to the Enviroflex scheme, now available to over a third of all Irish dairy farmers,’ said Bank of Ireland agri development manager John Fitzgerald.

Enviroflex is part of Dairygold’s commitment to working with milk suppliers to promote the adoption of best practices in various aspects of dairy farming, including quality milk production, financial management, and sustainability.

The loan amounts on offer under Enviroflex can range from a minimum of €10,000 right up 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, with a standard term of seven years.