Royal Caribbean to Provide $40 Million in Loans to Travel Agents
On has announced plans to launch “Pay It Forward,” the second phase of its successful RCL CARES program. The new effort has been designed to support its travel agents as they look to rebuild their businesses after a detrimental year for the travel industry.
The program makes a $40 million pool of funds available to qualifying travel advisors, who can apply for a three-year, interest-free loan up to $250,000. This is to aid in helping keep their businesses afloat and focused on a return to growth at a time when the global health crisis shows increasing prospects for being put under control.
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“We know our travel advisor friends are suffering, too, and we will get through this tough period together, just as we always have,” said Richard Fain, Royal Caribbean Group’s chairman and CEO. “Our travel partners have stood strong beside us for more than 50 years, and we are determined to be there for them now. We’re going to get to the other side of this challenging time together.”
The pause in cruising has put a huge financial strain on not only cruise lines, but also on travel agencies both big and small. While there is optimism that the travel industry will recover strongly in the future, businesses still need the financial means to keep going during the current period of the slower-than-usual business.
Royal Caribbean Group will be sharing details on the application process for the “Pay It Forward” program directly with travel advisors in January 2021.
Royal Caribbean Group owns four global cruise brands: Royal Caribbean International, Celebrity Cruises, Azamara, and Silversea.
Royal Caribbean International and Celebrity Cruises plan to resume sailings from the United States in March 2021.
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