Queensland Government loan supports local tourism sector

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Queensland Government loan supports local tourism sector

March 9, 2021

Finance / Government / Tourism /

The Queensland Government has provided a conditional loan to hundreds of local Queensland tourism operators and suppliers to support their recovery from COVID-19 restrictions.

Queensland Treasurer and Minister for Investment Cameron Dick said a conditional loan was provided to Imperium Tourism Holdings through the government’s Industry Support Package.

Minister Dick notes “although Queensland’s tourism sector is now rebuilding, we know the sector faced incredible challenges in 2020 and is challenged again in 2021.

“When COVID-19 emerged and borders closed, tourists began cancelling trips and the tourism industry experienced significant cashflow problems affecting both customers and suppliers who were left out-of-pocket and awaiting payment.

“This loan has enabled over 540 payments to Queensland tourism businesses and Queensland-based suppliers.

“These businesses offer visitor experiences throughout regional Queensland such as tours, activities, day trips, travel and accommodation.

“The loan provided to Imperium Tourism Holdings was structured using a trust account arrangement. This meant that payments were made directly to Queensland tourism operators and Queensland-based suppliers.

“The terms of the agreement also require Imperium Tourism Holdings to repay the full amount of the loan plus interest to the Queensland Government.”

Image courtesy of Tourism and Events Queensland Linkedin

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