Royal Caribbean Group announces $40M "Pay It Forward" program to support its travel advisors

Rhea-AI Summary

Royal Caribbean Group (NYSE: RCL) has announced a $40 million 'Pay It Forward' program to assist travel advisors impacted by the pandemic. The initiative allows eligible advisors to apply for interest-free loans of up to $250,000, aimed at helping them rebuild their businesses. This program is part of the RCL CARES initiative, launched in response to the financial strains on the travel industry. Further details on the application process will be communicated directly to travel advisors in January.

Positive

• Launch of a $40 million 'Pay It Forward' program to support travel advisors.
• Offers interest-free loans of up to $250,000 to qualifying travel advisors.

Negative

• The cruise industry continues to suffer financial strains due to the pandemic.

MIAMI, Dec. 21, 2020 /PRNewswire/ -- After an unprecedented nine months without sailing, travel advisors know that their clients are eager to return to cruising. The only remaining question is when – and the answer to that is drawing closer every day.

That's why Royal Caribbean Group (NYSE: RCL) is announcing plans to launch "Pay It Forward," a second phase of its successful RCL CARES program to support its travel advisors as they look to rebuild their businesses after a challenging 2020.

The program makes a $40 million 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 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."

The pause in cruising has put a financial strain not only on cruise lines, but on travel agencies large and small. And 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.

The company said details about the application process for the program would be shared directly with travel advisors in January.

About Royal Caribbean Group
Royal Caribbean Cruises Ltd., doing business as Royal Caribbean Group (NYSE: RCL), is a cruise vacation company that owns four global brands: Royal Caribbean International, Celebrity Cruises, Azamara and Silversea.  Royal Caribbean Group is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, our brands operate 61 ships with an additional 15 on order as of December 21, 2020.  Learn more at www.rclcorporate.com or www.rclinvestor.com.

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SOURCE Royal Caribbean Group

FAQ

What is the 'Pay It Forward' program by Royal Caribbean Group?

The 'Pay It Forward' program is a $40 million initiative designed to provide interest-free loans to travel advisors as they rebuild their businesses post-pandemic.

How much funding is available for travel advisors through the 'Pay It Forward' program?

A total of $40 million is available, with individual loans up to $250,000 for qualifying travel advisors.

When will details about the application process for the 'Pay It Forward' program be released?

Details about the application process will be communicated directly to travel advisors in January.

What is the stock symbol for Royal Caribbean Group?

The stock symbol for Royal Caribbean Group is RCL.

How has the pandemic affected the cruise industry?

The cruise industry has faced significant financial strain due to an extended pause in operations caused by the pandemic.