World Travel Holdings offers up to $1 million in loans to franchisees
This is part of WTH’s ‘We’re There to Help’ stimulus plan, echoing the company’s initials.
‘Success of our franchisees is our only business’
‘For our franchise owners, travel is more than a passion. It is their livelihood and the pandemic has had serious implications on their businesses,’ said Drew Daly, SVP and GM of Dream Vacations/CruiseOne. ‘As a franchisor, we take pride in providing our franchise owners the resources they need to succeed. However, in times like these, it is crucial to go beyond providing a “business-in-a-box.”
‘The success of our franchisees is our only business and this stimulus plan supports the foundation of our business model: to support small business owners.’
Three-pronged approach
The ‘We’re There to Help’ stimulus plan has a three-pronged approach to providing franchisees with additional resources and financial assistance to navigate through 2021 and the COVID-19 pandemic.
In making up to $1m in commercial loans available to qualified Dream Vacations/CruiseOne franchisees, WTH requires applicants to explain how they plan to use their funds and to submit a business plan to be considered.
Through a partnership with World Travel Holdings’ bank, an agreement was negotiated where Dream Vacations/CruiseOne franchisees can receive assistance from the bank in securing a PPP loan.
Dream Vacations/CruiseOne created a special CARES section on its Business Center intranet that consolidates financial assistance information from World Travel Holdings, government, franchising, trade and business organizations in one easy-to-find location.
‘Extremely strong bookings’
‘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 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,’ he continued. ‘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.’
Other initiatives
The ‘We’re There to Help’ stimulus plan is one of many initiatives implemented by the travel giant to provide assistance to Dream Vacations/CruiseOne franchise owners during COVID-19.
Others include providing enhanced support to existing franchisees by offering the option to defer monthly fees for up to six months, hosting town halls and webinars with industry executives, presenting robust virtual training and conferences, creating increased and unique engagement opportunities such as a Walking Club, and more.
Dream Vacations/CruiseOne has steadily been recruiting the entire year and new travel agency franchises are opening each month. The franchisor has adapted its on-boarding process for new franchisees to better meet the challenges they face in opening during a pandemic.
Information: www.dreamvacationsfranchise.com.