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Royal Caribbean Group to provide loans for travel advisors

Royal Caribbean Group to provide loans for travel advisors

Wednesday, December 23, 2020

MIAMI — More help is on the way for travel advisors, says Royal Caribbean Group, which is working to launch its ‘Pay It Forward’ program.

As the second phase of its successful RCL Cares program, ‘Pay It Forward’ will provide interest-free, three-year loans of up to US$250,000 for qualifying advisors. Loans will be made available from a $40 million pool of funds and will be granted to allow businesses to focus on a return to growth.

Details about the application program will be shared directly with travel advisors in January.

It is not yet known whether the program will be made available to Canadian travel advisors but it’s certainly a step in the right direction.

“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.”

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Fain added that the pause in cruising has put a financial strain not only on cruise lines, but on travel agencies large and small.

“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,” said Fain.

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