Royal Caribbean Group’s $40 Million Loan Program Opens for Applications

Royal Caribbean Group’s (RCL) “Pay it Forward” $40 million program for travel advisors is now open for applications. Just before the holidays, RCL announced the program, which would make up to $250,000 available per agency in three-year, interest-free business loans, based on their circumstances.

Now, the company has shared more light on what advisors can expect.

As part of the second phase of RCL Cares (a program created to assist travel professionals in the U.S., Puerto Rico and U.S. territories dealing with the negative impact of the pandemic), Royal Caribbean Group launched a dedicated platform where qualifying travel agency business owners can apply for financial support from Royal Caribbean. Travel partners can submit loan applications on this site accessible through CruisingPower.com. The site provides additional information and everything advisors need to know, including additional program details and eligibility parameters.

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To qualify, it’s required that:

  1. The applicant be the owner or an authorized representative of the travel agency
  2. Agency commission earnings with Royal Caribbean Group have been at least $4,000 for bookings that sailed between July and December 2019 (these minimums and eligibility requirements may vary by state)

Note: Travel agencies in California, North Dakota, South Dakota, Vermont and Washington, D.C. are not currently eligible to apply but RCL says it is working to extend availability to these locations.

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,” RCL said in a statement.   

In addition, in light of the Small Business Administration 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 to help facilitate travel advisors PPP applications. ACAP + The Loan Source specializes in helping to ease the application processes for PPP loans and forgiveness. Travel partners can begin their PPP loan application here with ACAP + The Loan Source at any time.

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