Dairygold has announced a new partnership with Bank of Ireland (BOI) to offer the ‘Enviroflex’ loan package to Dairygold milk suppliers.
The loan is linked to sustainability, providing farmers with discounts for conducting milking parlour upgrades; installing wastewater and slurry storage facilities; and investing in renewable and solar technologies.
It is part of Dairygold’s commitment to working closely with suppliers to promote the adoption of “best practices” in various aspects of dairy farming.
It said the loans will help to promote quality milk production, financial management, and sustainability.
Agri-development manager with BOI, John Fitzgerald said that the loan is available to over a third of dairy farmers in the country, with over 82,000 farm customers using BOI.
“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, and we look forward to making this product available to more farmers across the agriculture industry in 2024,” Fitzgerald said.
Dairygold suppliers
Eligible applicants for the loan must be a member of Dairygold Co-Operative Society Limited and be a participant of the Dairygold Grassroots Sustainability Programme.
Applicants are required to provide evidence of participation in the programmes, and will need to agree to provide BOI with the carbon footprint of their farm.
The loan amount can range from a minimum of €10,000 to a maximum of €500,000.
Interest rate is variable and is currently at a discounted market rate of 5.03%/annum.
Typically, unsecured loans are available for up to €120,000, with a standard term of seven years.
Agri-business general manager with Dairygold, Liam O’Flaherty said: “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.”