Royal Caribbean Group has partnered with the Pan American Development Foundation (PADF), a regional non-profit organization, to manage a grant-making initiative for local businesses affected by COVID-19. Please see below for eligibility criteria and additional program details.
Who can apply?
This program is by invitation-only. The invitation, however, does not guarantee a grant. Unsolicited applications will not be considered. You are encouraged to participate even if you have received support from another funder or via fiscal incentives such as tax breaks. You can only submit ONE application per business.
Eligible local business:
- Located in one of the ports Royal Caribbean Group serves in the Caribbean.
- Have been in business before March 2020 and are currently active.
- Have an established relationship with Royal Caribbean Group: (provides services or goods to Royal Caribbean Group’s customers: transportation, port-side services, goods or sales, tour operators, tourism entertainment.)
Funding priorities
PADF will prioritize small, local businesses critical to the cruise experience. Applicants should share a sound plan outlining how funds will be used to maintain their business afloat and have strong possibilities to continue operating when cruising resumes.
Evaluation criteria include:
- Status of the Business: The history and financial health of your businesses pre-COVID-19.
- Business size and people reached: number of employees, type of service provided, and number of customers served monthly pre-COVID-19.
- Impact and response to COVID-19: the business was impacted by COVID-19 and proposes a realistic plan to use the funds to address the challenges identified and keep the company afloat (employee retention).
Evaluation process
PADF will evaluate the applications that meet the eligibility requirements on a rolling basis beginning on April 30. All requests must be submitted by October 8. PADF will consider recommendations made by Royal Caribbean Group. However, PADF will make all final decisions relating to the Program and grant awards at its sole discretion. PADF will reach out to pre-selected applicants eligible for the next phase. PADF will also communicate to non-eligible participants the results of the process.
Funds
Selected local businesses will have to provide supporting documentation (e.g., bank statements) before receiving support from the fund.
- Amount: the small grants will range from between USD$3,000 up to a ceiling of USD$75,000. These are grants, not loans, so they do not require repayment. Size of the business, revenue, strategic value, and impact will be considered for the amount assigned.
- Use of funds: Funds can be used to repay loans, invest in operating costs (e.g., such as rent, equipment, insurance), retain employees (payroll), or any other activity relevant to keeping the business afloat.
- Reporting: Grantees will be required to submit a report documenting the use of funds and sharing a testimonial on the program’s impact. The report should not be longer than three pages and must include 3-5 pictures. Companies should send the report no later than two months after grant disbursement.