Bank of Ireland (BOI) has launched a new partnership with Kanturk-based North Cork Creameries to offer the Enviroflex loan package to its members.

The sustainability-linked loans are now available to North Cork Creameries milk suppliers who are members and participants in the Bord Bia Sustainable Dairy Assurance Scheme and also undertake a number of sustainable actions on their farms.

Responding to the announcement, North Cork Creameries CEO Pat Sheahan said the loan offers an innovative financial product that rewards sustainability actions implemented on farms.

“Enviroflex offers milk suppliers targeted finance that will support on-farm environmental initiatives and will also help North Cork Creameries meet our own environmental targets.”

Enviroflex

The loan type was first launched in November 2023 and BOI said it has been very popular among dairy farmers conducting milking parlour upgrades, installing wastewater and slurry storage facilities, and investing in renewable and solar technologies.

BOI agri development manager Pat Byrnes added that they hope to make the Enviroflex available to as many farms as possible.

“A huge number of farmers looking to enhance their farm's sustainability have already availed of this innovative product, as they look to boost cashflow and finance on-farm developments.”

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 4.73% per annum for those undertaking sustainable action on their farm.
  • Typically, unsecured loans are available for up to €120,000.
  • Standard term of seven years (longer term available for secured lending).