Royal Caribbean Offers Loans to Keep Travel Agents Afloat

Major cruise company Royal Caribbean Group (NYSE: RCL) announced today it is creating a $40 million fund to provide loans to travel agents struggling with the COVID-19 pandemic and its economic aftershocks. These allied "travel advisors" will be able to apply for the loans starting in January, Royal Caribbean says, though details about which agencies qualify and how they can ask for money haven't been released yet.

Each advisor or agency meeting the qualifications Royal Caribbean sets will be able to ask for up to $250,000 from the cruise company's fund. The loans need to be repaid over a period of three years and will be interest-free. CEO Robert Fain says "our travel advisor friends are suffering, too, and we will get through this tough period together." Travel agencies continue to provide significant revenue for cruise lines despite the availability of direct bookings on cruise websites.

Image source: Getty Images.

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