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Royal Caribbean Group's $40m 'Pay It Forward' supports travel advisors

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Royal Caribbean Group unveiled 'Pay It Forward,' a second phase of its RCL CARES program to support travel advisors as they look to rebuild their businesses.

The program makes a $40m 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.

'We will get through this together'

'We know our travel advisor friends are suffering, too, and we will get through this tough period together, just as we always have,' Royal Caribbean Group Chairman and CEO Richard Fain said. '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 on travel agencies large and small. And while there is optimism that the travel industry will recover strongly post-pandemic, Royal Caribbean noted businesses still need financial wherewithal during this intervening period of slower-than-usual business.

Details in early January

The company plans to share details about the application process for the program directly with travel advisors in January.