Apollo Tourism & Leisure has secured financial assistance from both the federal and Queensland governments to help it ride out the COVID-19 pandemic.
The RV specialist has secured financial assistance under the federal government’s COVID-19 Export Capital Facility in the form of a $15 million loan with a two-year term.
It will also receive further financial assistance under the Queensland government’s Industry Support Package in the form of a $10 million loan with an initial two-year term.
Apollo CEO and managing director Luke Trouchet said the additional $25 million of funding will allow the company to continue executing its COVID-19 recovery strategy during what is a challenging time for tourism businesses.
“We are very appreciative of the financial assistance packages from the federal government and the Queensland government,” he said.
“This support will help us navigate through this period of uncertainty, give us the opportunity to create a stronger platform and continue to employ hundreds of people.”
With these new funding arrangements and the current outlook for the business, Apollo told investors in an ASX update it was confident the company has sufficient liquidity and capacity to trade through an expected prolonged period of subdued tourism activity.
Apollo plans to release its results for the 2020 financial year on Monday.
Featured image source: Facebook/Apollo Motorhome Holidays