Bank of Ireland, in partnership with Kerry Dairy Ireland, has launched a new loan to provide an additional funding option for farmers implementing sustainable farming practices.
The bank said its Enviroflex sustainability-linked loans aim to support farmers in an evolving sector as they try to reduce their farms environmental footprint, increase forestry and tree planting, while also improving biodiversity, water quality and animal welfare practises.
The lender said that initial applicants will come from suppliers to Kerry Dairy Ireland who are participants of its "Evolve Sustainability Programme" and are carrying out environmental sustainability measures on their farms.
Eoin Lowry, Bank of Ireland Head of Agri Sector, said as the leading lender to Ireland's agriculture industry with over 82,000 farm customers on its books, the bank plays a key role in supporting the sector's transition to lowering its environmental footprint.
"Targeted products like Enviroflex are designed to reward farmers who implement more sustainable farming practises with discounted finance options, and we are delighted that Enviroflex is now open for applications from Kerry Dairy Ireland suppliers," Mr Lowry said.
"Applicants can avail of a simplified online journey, and we look forward to making this product available to more farmers across the agriculture industry in 2024," he added.
James O’Connell, General Manager of Kerry Agribusiness, said that Enviroflex was an innovative financial product.
"Enviroflex, as a sustainability linked loan, enhances our objective of facilitating and accelerating the adoption of more sustainable farming practices," he added.
