Bank of Ireland : Launches New Enviroflex Partnership with Aurivo Co-op

Bank of Ireland Launches New Enviroflex Partnership with Aurivo Co-op Pictured at the launch of Aurivo's new Enviroflex partnership with Bank of Ireland are; Michael O'Brien, Head of Farm Enterprises, Aurivo, Susie Crawford, Head of Sustainability, Bank of Ireland Business Banking; Mark Glennon, Agri Manager, Bank of Ireland and Donal Tierney, Aurivo CEO.

Sustainability-linked loans now available to members of leading agribusiness

Bank of Ireland has launched a new partnership with the Sligo based Aurivo 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 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. As the leading lender to Ireland's agriculture industry with over 82,000 farm customers on its books, it also furthers Bank of Ireland's ambition to becoming a leader in sustainable finance products to Irish farmers that are carefully designed to help make real, impactful changes.

Donal Tierney, Aurivo CEO said:"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"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 7 years. (Longer available for secured lending)