RCL CARES “Pay It Forward” by Royal Caribbean Group will allocate $40 million in loans for travel agents to help them get through the current cruise shutdown.
The RCL CARES “Pay It Forward” program provides these funds to their qualifying travel advisors, who can apply for three-year interest free loans of up to $250,000. The application process for the program will be shared with travel agents in January 2021.
The loans will help travel agents keep their businesses focused on a return to growth at a time when the pandemic shows increasing prospects for coming under control.
“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 financial strain not only on cruise lines, but on travel agencies large and small. And while there is optimism that the travel industry will recover strongly post-pandemic, businesses still need financial wherewithal during this intervening period of slower-than-usual business.