Bank of Ireland Launches New Enviroflex Partnership with North Cork Creameries

Bank of Ireland Launches New Enviroflex Partnership with North Cork Creameries

Sustainability-linked loans now available to members of the independent, farmer owned Co-operative Society

Pictured at the launch of North Cork Creameries new Enviroflex partnership with Bank of Ireland are; Jamie Curtin, Darren Deasy and Thomas O' Donoghue (Chairman), North Cork Creameries; Kevin Maher, Dairy Industry Ireland; Sean Corcoran, North Cork Creameries; Pat Byrnes, Bank of Ireland Agri Development Manager; Luke Lynch, Norma O' Gorman and Maurice O' Connor, North Cork Creameries. Enviroflex sustainability linked loans are now available to North Cork Creameries milk suppliers who are actively engaged in implementing a range of sustainable initiatives to reduce their farms' environmental footprint.

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

Following a successful launch of Enviroflex last year, the sustainability linked loans are now available to North Cork Creameries milk suppliers who are actively engaged in implementing a range of sustainable initiatives to reduce their farms' environmental footprint.

Since first launching 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 North Cork Creameries members, participants in the Bord Bia Sustainable Dairy Assurance Scheme, and will also need to undertake a number of sustainable actions on their farms. As the leading lender to Ireland's agriculture industry with over 82,000 farm customers on its books, the Enviroflex product furthers Bank of Ireland's ambition in becoming a leader in providing sustainable finance solutions to Irish farmers that are carefully designed to help make real, impactful changes.

Pat Sheahan, North Cork Creameries CEO said:"North Cork Creameries is delighted to work with Bank of Ireland to offer Enviroflex to our members, 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."

Pat Byrnes, Bank of Ireland Agri Development Manager said:"As the leading agri-lender Bank of Ireland is delighted to welcome North Cork Creameries to the Enviroflex scheme. A huge number of farmers looking to enhance their farms sustainability have already availed of this innovative product, 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 undertaking sustainable action on their farm
• Typically, unsecured loans are available for up to €120,000.
• Standard term of 7 years. (Longer term available for secured lending)

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