Royal Caribbean Group has announced a fund pool of $40 million that aims to help travel advisors during these very difficult times. This comes when cruise ships have not been sailing for nine months and the cruise industry has come to a standstill.
Good News for Royal Caribbean Travel Agents
The new $40 million fund was announced by Royal Caribbean Group on Monday morning and applies to all the cruise lines that the company owns including Royal Caribbean International and Celebrity Cruises.
The huge amount of fund will help travel advisors recover and ride out these difficult times. The “Pay it Forward” fund is the second phase of the successful RCL Cares program.
Richard Fain, Royal Caribbean Group’s chairman and CEO, said:
“We know our travel advisor friends are suffering, too, and we will get through this tough period together, just as we always have,”
“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 program makes a $40 million pool of funds available to qualifying travel advisors, who can apply for three-year, interest-free loans of up to $250,000 to keep their businesses focused on a return to growth at a time when the pandemic shows increasing prospects for coming under control.
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.
The company said details about the application process for the program would be shared directly with travel advisors in January.