A new partnership with the Sligo based Aurivo Co-op to offer the Enviroflex loan package to its members has been launched by Bank of Ireland.

Following a successful launch of Enviroflex last year, the sustainability linked loans are now available to Aurivo Co-op members who are actively engaged in implementing a range of sustainable initiatives to reduce their farms' environmental footprint.

First launched in November 2023, Enviroflex has 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.

Eligible milk suppliers must be Aurivo Co-op members and participants of the Aurivo Future Milk Programme and will need to agree to undertake a number of sustainable actions on their farms.

'Rewards sustainability'

Donal Tierney, Aurivo chief executive said that Aurivo Co-op is “delighted to work with Bank of Ireland to offer our milk suppliers Enviroflex, 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 Aurivo meet our environmental targets.”

Mark Glennon, Bank of Ireland agri development manager said: “As the leading agri-lender, Bank of Ireland is delighted to welcome Aurivo Co-op members to the Enviroflex scheme.

“Since first launching the product, we have seen significant demand from farmers looking to enhance their farms' sustainability, and the options it provides them as they look to boost cashflow and finance on-farm developments.

“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.”

Financing 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 participating in the Aurivo Future Milk Programme.
  • Typically, unsecured loans are available for up to €120,000.
  • Standard term of seven years (longer available for secured lending).