Tipperary-based co-op announces landmark deal with Bank of Ireland

Bank of Ireland has launched a new partnership with the Nenagh-based Arrabawn Co-op 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 Arrabawn Co-op milk suppliers who are actively engaged in implementing a range of sustainable initiatives to reduce their farms' environmental footprint.

Enviroflex continues to go from strength to strength, 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 Arrabawn Co-op 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.

Conor Ryan, Arrabawn CEO said: “Arrabawn is delighted to partner with Bank of Ireland to offer Enviroflex to our members, and we welcome the introduction of this sustainability-linked product which complements our own ambitions in this space. Arrabawn’s growth is driven by its members and providing them with access to Enviroflex will support them in implementing long-terms measures that improve the sustainability of their farms and the quality of the products they supply.”

Pat Byrnes, Bank of Ireland Agri Development Manager said: "As the leading agri-lender Bank of Ireland is delighted to welcome Arrabawn 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 4.88% 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).