With the financial backing of its parent company World Travel Holdings, home-based travel agency franchise Dream Vacations/CruiseOne is now offering up to $1 million in commercial loans to its franchise owners as part of its “We’re There to Help” stimulus plan.
The “We’re There to Help” stimulus plan, which represents World Travel Holdings’ initials, has a three-pronged approach to providing franchisees with additional resources and financial assistance to navigate through 2021 and the COVID-19 pandemic.
- World Travel Holdings-Funded Commercial Loan – World Travel Holdings will make up to $1 million available in commercial loans to qualified Dream Vacations/CruiseOne franchisees. Applicants will have to explain how they plan to use their funds and submit a business plan to be considered.
- PPP Assistance – Through a partnership with World Travel Holdings’ banking institution, it has negotiated an agreement where Dream Vacations/CruiseOne franchisees can receive assistance from the bank in securing a Paycheck Protection Program loan.
- Cares Page – Dream Vacations/CruiseOne created a special section on its Business Center intranet that consolidates financial assistance information from World Travel Holdings, government, franchising, trade and business organizations in one location.
“We are seeing the biggest pent-up demand for travel in history and extremely strong bookings for the end of 2021 and into 2022—and, after more than a year of minimal travel and sales, we want to help ensure our franchisees can sustain their business for when this travel boom arrives,” said Brad Tolkin, co-CEO/chairman of World Travel Holdings, in a press statement. “In spite of World Travel Holdings not qualifying for PPP funds due to our size, it was very important to us to find a way to provide additional assistance for the small business owners within our franchise system. We know the future of leisure travel is bright and we want to do our part and assist our travel agency franchise owners to be ready to meet this demand.”
Beyond the “We’re There to Help” stimulus plan, Dream Vacations/CruiseOne has provided enhanced support to its existing franchisees by offering the option to defer monthly fees for up to six months; hosting town halls and webinars with industry executives; presenting virtual training and conferences; creating increased engagement opportunities, such as a Walking Club and more.