Gui's €250,000 fund to help storm-hit clubs
Published 18/03/2014 | 02:30
THE GUI has set up a €250,000 'Emergency Loan Fund' to assist the many golf clubs that were ravaged by violent winter storms.
Clubs may apply to the Union for an interest-free loan of up to €12,000 (£10,000) each to help with the cost of clearing rocks and other debris, fallen trees and essential repairs to their property.
The loans will be for a period of up to 10 years. The money is to be drawn from GUI reserves.
The scheme was made possible by an amendment to a clause of the GUI constitution which formerly prohibited the Union from giving financial assistance to member clubs.
Though it will cost some clubs well into six figures and, in the case of Doonbeg, close to €1m to repair recent storm damage, Union officials have said they are determined to offer whatever support they can.
"It makes a lot of sense for the Union to introduce this scheme at a time when many of our clubs have suffered damage to their courses, piling increased pressure on finances already hit by falling membership numbers and green fee rates," explained GUI treasurer Rollo McClure.
"The capital sum set aside from Union reserves for the scheme would otherwise earn minimal bank interest, so there is a negligible opportunity cost," he added, explaining that €250,000 initially will be set aside for the fund.