Royal Caribbean Group is to make a $40 million available to loan to travel agents as part of its RCL Cares programme.
The loan initiative is called Pay it Forward.
The loans will be for up to $250,000 for qualifying travel agents – although the company said “businesses still need financial wherewithal during this intervening period of slower-than-usual business”. The loans will for three years and will be interest-free.
The programme is currently for the US, but the a spokesperson said that there are plans to localise Pay it Forward for international markets.
“Royal Caribbean Group is continuing to support loyal travel advisors with its ‘Pay it Forward’ programme. As with the first phase of RCL Cares, the programme will be localised for International markets to best fit their needs and legalities. More information on the International RCL Cares enhancements will be available for all markets in January.”
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.”
More details on the application will be published in January.