Limerick councillor calls for bumper overdrafts to aid businesses facing Covid-19 pandemic

Limerick councillor calls for bumper overdrafts to aid businesses facing Covid-19 pandemic

Cllr Fergus Kilcoyne

INDEPENDENT councillor Fergus Kilcoyne is calling for citizens and businesses to be given a bumper overdraft facility to help them through the coronavirus crisis.

The Patrickswell member wants to see banks help those in employment and self-employed be able to avail of a direct overdraft facility from lenders of €5,000 to families and between €10,000 and €15,000 for small businesses.​

This, he said would allow them “have a cushion in relation to what’s happening.”​

Cllr Kilcoyne, a businessman himself, said: “​I implore the banking sector and credit unions to give these automatic extended overdraft irrespective of any poor credit ratings that people may have since the last recession. This shouldn’t be brought into this – we’re dealing with a pandemic.”

The former Fine Gael man’s pub in Patrickswell, the Dark Horse has closed down along with all the other bars in Limerick due to the outbreak of Covid-19, which has affected thousands of people in Ireland.

“These will put people’s minds at ease that they know they are not going to be in trouble in two weeks’ time if the money is running out. They don’t have to use​ it, but it’d be there as a cushion to allow people to keep their heads right and the minds right. In these difficult times, that’s what people need – a bit of insurance,” he said.

Cllr Kilcoyne also urged the public to stay safe.

He added: “To try and control the spread of the virus, use sanitiser with more than 62% alcohol and please follow government guidelines.”

More News

Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.

Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.