Bank of Ireland Launches New Enviroflex Partnership with Lee Strand Co-op

Pictured at the launch of Lee Strand Co-op’s new Enviroflex partnership with Bank of Ireland are; Tommy Moynihan, Farmer, Gearoid Linnane, CEO, Lee Strand Co-op, Marguerite Lynch, Senior Bank Manager, Bank of Ireland North Kerry, Katie Noonan, Agri Adviser, Lee Strand Co-op, Sean O’Mahoney, Business Adviser, Bank of Ireland Tralee, Kieran Savage, Chairman, Lee Strand Co-op and Pat Byrnes, Agri Development Manager, Bank of Ireland.

Enviroflex sustainability linked loans are now available to Lee Strand 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 Tralee-based Lee Strand Co-op to offer the Enviroflex loan package to its members.

Farmers have applied for over €30 million of sustainability-linked Enviroflex loans since it first launched, with the sustainability linked loans now available to Lee Strand 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 over 16,000 dairy farmers now having access to the product via 12 dairy Co-op partnerships. In order to support the environmental transition Bank of Ireland developed Enviroflex and it is now available to over 95% of Irish dairy farmers, with farmers implementing a range of sustainable actions on their farms including;

Constructing animal housing
Investing in nutrient management facilities
Implementing renewable technologies
Purchasing new machinery by availing of TAMS grants

Eligible milk suppliers must be Lee Strand Co-op members and participants in the Lee Strand Co-op Sustainability Programme. Bank of Ireland has also announced an expanded partnership with Irish Distillers to offer the Enviroflex product to tillage farmers for the very first time, with the growth of Enviroflex further enhancing the Bank’s ambition to deliver c.€15 billion in Sustainable Finance lending by 2025.

Gearoid Linnane, CEO, Lee Strand Cooperative Creamery said: “Lee Strand Co-op welcomes the introduction of the Enviroflex sustainability-linked loans, which complements our own ambitions in this space, and supports our suppliers to implement long-terms measures that improve the sustainability of their farms.”

Kieran Savage, Chairman, Lee Strand Cooperative Creamery said: “Lee Strand Co-op is delighted to partner with Bank of Ireland to offer the Enviroflex loan package to our suppliers. While all loans will be linked to the implementation of key on farm sustainability measures, Lee Strand Co-op remains focused on supporting all of our suppliers into the future in making them more sustainable and profitable. Access to Enviroflex funding helps support that initiative.”

Pat Byrnes, Bank of Ireland Agri Development Manager said: “Bank of Ireland is committed to supporting the transition to a more sustainable farming footprint across climate, water quality and nature, and we are pleased that Lee Strand milk suppliers can now access Enviroflex sustainability-linked loans. The popularity of Enviroflex continues to rise across the dairy sector, and we look forward to making it accessible to as many farmers as possible across the wider Irish agriculture industry so that farmers can be rewarded 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 4.69%, 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)