Bank of Ireland has launched a new partnership with Bandon, Drinagh and Lisavaird co-ops, offering the Enviroflex loan package to their milk suppliers.

First launched in November 2023, Enviroflex offers discounted flexible finance to farmers conducting milking parlour upgrades, installing wastewater and slurry storage facilities and investing in renewable and solar technologies.

Applicants must be Bandon, Drinagh and Lisavaird co-op milk suppliers and participants of the Carbery Future Proof sustainability programme, while applicants will also need to provide Bank of Ireland with the carbon footprint of their farm.

Financing package

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 participating in the Carbery Future Proof sustainability programme.

Typically, unsecured loans are available for up to €120,000 of a standard term of seven years.

Carbery Future Proof

Carbery’s Future Proof sustainability bonus is available to all farmer shareholders who meet the below qualifying criteria:

  • Agreeing to an ASSAP (water quality) assessment.
  • Economic breeding index.
  • Milk recording four times a year.
  • Using protected urea.

    • Carbery CEO Jason Hawkins said: “We know our farmer shareholders value sustainability and want to farm in a sustainable way – 85% of our suppliers taking up our FutureProof sustainability bonus in its first full year clearly proved that. However, some sustainability measures, like all improvements, require investment.

    "With this in mind, we welcome this Enviroflex scheme from Bank of Ireland, which rewards farmers who can demonstrate their sustainability credentials and ambitions.”

    Bank of Ireland agri development manager John Fitzgerald added that since first launching Enviroflex "we have been delighted with the take-up of the sustainability-linked loans and the options it provides farmers looking to improve cashflow and finance on-farm developments over a longer period".

    "Our aim in developing Enviroflex has always been to make it available to as many farmers as possible across the Irish agriculture industry and to reward farmers for their sustainability actions.”