Finance Ireland has said that lending to Irish dairy farmers has now surpassed €100m and continues to grow.

The country's biggest non-bank lender said that its "Milkflex" loans are now available as a standard lending product from the company.

The loans can be used for a wide variety of dairy farm investment purposes and require no asset security from borrowing farmers.

Finance Ireland said that dairy farmers from 17 different Co-Ops had already taken loans through the Milkflex scheme. 

The money was used for several purposes ranging from the purchase of refrigerated bulk tanks to environmental investments including milking parlours as well as refinancing bank debt.

Billy Kane, the chief executive of Finance Ireland, said the success of its MilkFlex loans has really exceeded the group's expectations.

"We are supporting investment by dairy farmers right across the country providing a highly flexible product at a really competitive interest rate," he said. 

The MilkFlex loan is supported by the Ireland Strategic Investment Fund (ISIF) and Rabobank.