A sustainability-linked loan which was first launched in November 2023, 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.
Dairygold has now 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, the loan is designed to support Dairygold milk suppliers who are actively engaged in implementing environmentally sustainable initiatives to reduce their farms’ environmental footprint.
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.
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.
SUPPORTING SUSTAINABLE FARMING
General Manager, Dairygold Agri Business Liam O’Flaherty said the agreement was ‘another example of the range of supports Dairygold has introduced’ to enhance their 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.”
TERMS
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 and the standard term is 7 years.
