Royal Caribbean Group Opens Applications for Travel Agency Loan Program
Royal Caribbean Group’s “Pay it Forward” $40 million loan program for travel advisors is now open for applications.
As part of the second phase of RCL Cares, the program has a dedicated platform through CruisingPower.com, where qualifying travel agency business owners can apply for financial support. The site provides additional information and eligibility parameters.
Announced in December, “Pay it Forward” offers three-year, interest-free business loans. “COVID-19’s effects on travel partners’ businesses have been debilitating, and we want to do what we can to help them rebuild and recover,” the company said.
In addition, since the Small Business Administration is reopening the Paycheck Protection Program (PPP) to make additional federal funding available to small businesses, Royal Caribbean Group teamed up with ACAP + The Loan Source – an organization that specializes in the PPP process – to help travel advisors apply for PPP loans. ACAP + The Loan Source specializes in helping to ease the application processes for PPP loans and forgiveness. Travel partners can begin the PPP loan application by clicking here.
To qualify for a “Pay It Forward” program, the applicants must be the owner or an authorized representative of the travel agency. Also, agency commission earnings with Royal Caribbean Group brands must have been at least $4,000 for bookings that sailed between July and December 2019. These minimums and eligibility requirements may vary by state.
Travel agencies in California, North Dakota, South Dakota, Vermont, and Washington D.C. are not currently eligible to apply, but the company said it is working to extend availability to these locations.
“As we continue to rally through this pandemic together, one important factor rises to the forefront – our partnership is stronger than ever! Let’s get to the other side of this together!” according to a note to travel agents signed by Vicki Freed, senior vice president of sales and trade support for Royal Caribbean International; Dondra Ritzenthaler, senior vice president-sales and trade support for Celebrity Cruises; Mark Conroy, managing director-the Americas for Silversea Cruises; and Nils Lindstad, associate vice president-sales and trade support for Azamara.