The organisation representing Irish family owned businesses throughout the country has called for the creation of a National Recovery Fund to save jobs and rebuild the economy.

While the Family Business Network has welcomed the government's new loan schemes for businesses affected by the coronavirus crisis, it warned against relying on borrowings alone.

FBN Ireland has instead called for a National Recovery Fund to be deployed by the NTMA.

The Fund would inject cash into deserving businesses in return for a form of future coupon from those who succeed.

John McGrane, Executive Director of FBN Ireland said, "Irish businesses learned the hard way that funding their business by debt alone is a route to disaster. What we need now is a National Recovery Fund on behalf of the whole nation. "