Enviroflex

Enviroflex is a sustainability linked loan to support and enable farmers to improve the environmental footprint of their farms

Apply Now (<= €120,000) Apply Now (> €120,000 – €500,000)

Sustainable farming is becoming increasingly important in the agri-food supply chain. Bank of Ireland has a long tradition of working with farmers to support their financial needs in an ever-evolving market. We are committed to working with farmers and the agri-food supply chain to deliver on national and business commitments into the future.

Bank of Ireland wants to lead the transition and accelerate sustainable farming practices by providing targeted finance to support farmers.

Bank of Ireland is partnering with the agri-food industry to deliver Enviroflex, to support action at farm level and improve the sustainability of farming in Ireland. Working with partners across the agri industry, Bank of Ireland will provide discounted flexible finance to farmers who can demonstrate they are improving the environmental footprint of their farms.

Enviroflex is designed to support farmers who are taking on environmental initiatives on their farms and who are on a journey to reducing their farm’s environmental footprint i.e. reducing greenhouse emissions, improving biodiversity, water quality and animal welfare.

Enviroflex is underpinned by Bord Bia’s Origin Green Sustainability Programme1 and the Teagasc Marginal Abatement Cost Curve (MACC)2 which sets out proven, science-based actions that farmers can take to reduce on-farm carbon emissions.


  • Loan Purpose

    Term loans are available to support farmers invest in a range of purposes such as sustainable farm development, renewable energy projects, enhanced sustainability measures e.g. forestry/ tree planting, biodiversity projects.

    As part of the terms and conditions of this loan, the borrower will agree to provide Bank of Ireland with the carbon footprint of their farm3.

    Please note participation in a Sustainability Programme is not a guarantee of loan approval.

  • Features & Benefits

    • Minimum loan amount is €10,000. Maximum loan amount is €500,000
    • Standard Term Loan up to 7 years4
    • Discounted variable rate of 4.55%5
    • Flexible repayment terms
    • No arrangement fee

    Enviroflex BrochureViewPrint
  • Restrictions

    • Refinancing/restructuring of existing Bank of Ireland loans is not permitted.
    • Working capital and land purchase excluded.

  • Eligibility Criteria

    • Eligible applicants must be a member of a partnering co-op/processor and a participant of a recognised Sustainability Programme6.
    • Proof of participation will be required when submitting a loan application.
    • Applicants must provide a document as proof of participation in a Sustainability Scheme and be ready to provide it as part of the loan application. See list of accepted proof documents*:
      • Kerry Dairy – Annual evolve statement (must be your current annual evolve statement)
      • Dairygold – Milk statement (must be dated within 4 months of application) showing participation in grassroots
      • All other co-ops/processors– Sustainability evidence letter issued by the relevant co-op/processer

      *If you need further guidance in sourcing these documents, please contact your co-op/processor

  • How to apply?

  • Participating members

    Bank of Ireland launched Enviroflex in 2023. The following co-ops/processors are currently participating in the scheme:

    1. Kerry Dairy Ireland
    2. Dairygold
    3. Aurivo
    4. Bandon
    5. Lisavaird
    6. Drinagh
    7. Barryroe
    8. North Cork
    9. Arrabawn
    10. Lakeland

  • FAQs

    1. How long will it take you to assess my Enviroflex loan application?

    We aim to have an answer for you within 48 hours of receiving all of your information, excluding weekends and bank holidays. If the borrowing is over €120,000 or requires security, it may take a little longer.

    2. How do I know if I am eligible for Enviroflex?

    You must be a member of a partnering co-op/processor and a participant of a recognised Sustainability Programme5.

    3. How do I maximise my chance of approval?

    We need to know that your business will be able to pay back the loan. So, give us as much clear information as you can to help our assessment. Check out our Top Tips for Approval.

    4. Do I need to provide my accounts to apply for an Enviroflex loan?

    Up-to-date management accounts or other financial information can help to support your application. Financial accounts are not always required, particularly for smaller amounts. In such instances, you will be asked to confirm that your tax affairs are up to date.

    5. Do I need to provide security for my loan?

    If the total borrowing is less than €120,000, you do not usually need to provide security. If you are a limited company, you may need to provide a ‘Personal Letter of Guarantee’ from the directors.

    6. Can I make additional repayments on my Enviroflex loan in order to pay the balance early?

    Yes, you can choose to make extra payments or clear your loan early without penalty.

    7. How will my carbon reduction data be used?

    Bank of Ireland will provide the name and address of farmers participating in Enviroflex at the end of each year to the participating co-op/food processor for the purpose of collecting the associated carbon reduction figures. These figures will be provided to Bank of Ireland by the co-op/food processor on an aggregated and anonymised basis, with no individual carbon reduction figures shared. Bank of Ireland may use the aggregated and anonymised figures as part of their annual report.

 

Representative Examples

An Enviroflex loan of €30,000 at a discounted variable rate of 4.55% over a 3 year term will require 36 monthly repayments of €892.85. The total cost of credit is €2,142.60. The total amount repayable is €32,142.60. This discount would represent a saving of €975.24 over a 3 year period when compared with the non-discounted rate.

An Enviroflex loan of €60,000 at a discounted variable rate of 4.55% over a 6 year term will require 72 monthly repayments of €953.35. The total cost of credit is €8,641.20. The total amount repayable is €68,641.20. This discount would represent a saving of €4,048.56 over a 6 year period when compared with the non-discounted rate.

 

Level of security required and rate applicable will be determined by the amount, purpose and term of the facility, in conjunction with the nature and value of the security being offered. Lending criteria, terms and conditions apply. Over 18’s only. Maximum credit of €500,000 available for online applications and over the phone. For amounts greater than €500,000 please contact your Relationship Manager or local branch.

Warning: If you do not meet the repayments on your credit facility agreement, your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future

Warning: The cost of your repayments may increase

 

1

On-farm assessments constitute a key component of the Origin Green programme. Sustainability assessments are carried out at farm level through Bord Bia’s Sustainable Assurance Schemes which provide the carbon footprint of each farm. At farm level, there are over 56,000 members of Bord Bia’s Sustainable Assurance Schemes. Accreditation at farm level is provided by ISO:17065 and Carbon Trust (PAS 2050).

2

The Teagasc Marginal Abatement Cost Curve (MACC) identifies the most cost-effective pathway to reduce greenhouse gas (GHG) emissions and enhance carbon sequestration in the Agricultural, Land-Use, Land-Use Change and Forestry sectors plus (Bio) energy.

3

The metric referred to in footnote1 will be part of an aggregated figure which will be anonymised. The aggregated figure may be used in our reporting on ESG activities in our annual report which may be made public.

4

For certain purposes such as large farm development terms of up to 15 years may be available.

5

The interest rate quoted includes a discount of 2.02% off the margin that the bank applies to the small business and agri rate (SBAR). For up to date SBAR reference rates please visit Business Banking Reference Rates | Bank of Ireland

6

A recognized Sustainability Programme is one that is implemented by the co-op/processor and is recognised by the industry and that Bank of Ireland has accepted as robust in order for it to meet Bank of Ireland’s ESG reporting standards.