The Corona Pandemic has devastated the Travel Industry all around the world. It has disrupted this industry in such a manner that was unimaginable sometimes back. At the same time, the Travel and Tour Operating Agencies are putting all their efforts to bounce back to track. The tourism sector was hit hard as bookings went down significantly and cancellations rose drastically. The Corona Pandemic has endangered not only the tourism industry but also the employment of innumerable individuals. This is the time when they are seeking for urgent financial help to avert mass unprecedented layoffs.
Financial Help for Travel & Tour Operators
The Tourism Finance Corporation of India provides all forms of financial assistance for new and established organizations for various projects involving the travel industry. Due to travel restrictions, the Travel & Tour Operators were very heavily affected by financial constraints. As everything is returning back to somewhat normalcy, these operators need funds to meet various stipulations. They must act fast to remain in the competition besides keeping up with the rising demand. This finance corporation helps the operators of tours and travels with business loans. In such a way these operators are helped to overcome the deficiency of funds which might be the ultimate barrier in their growth.
TFCI very well recognizes that the necessities of every Travel & Tour Operating Agency are dissimilar. That is why they offer customized solutions for financial help for all categories of travel operators. A Travel & Tour Operating Agency would require finances for making possible online bookings, payment of staff, handle mass bookings and provide a discount to the regular clients. They mainly focus to help the needy to acquire the most suitable loan with very flexible terms and repay programs. This can be very much favorable to resurrect the business like the way it was before.
Supporting the Travel Industry
The TFCI caters their financial help to various tourism projects. They have been involved with Hotels & Resorts, Restaurant Chains, Multiplexes and Entertainment and Travel and Tour Operating Agencies. The travel operators’ main task involves transportation, accommodation and lodging, setting up trips, scheduling itineraries and miscellaneous travel preparations. These travel agencies have to remain strongly associated and assimilated with all the various service providers. Just like any other business, a Travel & Tour Operator also needs sufficient finance and thorough planning to carry on their activity after this Corona pandemic.
Tourism Finance Corporation of India is considered to be a professional financing body. It has played a significant role regarding building up tourism infrastructure all through the nation. And in doing so it has also helped to generate prospects of employment. This finance corporation considers giving financial help to those travel operators whose nature of the project is worth accumulating returns. Prior to giving any funds the commercial feasibility as well as the policies laid down by the Government towards developing tourism in that particular region, are also taken into consideration. There are a few more decisive factors to be fulfilled to receive any grant from this financer.
To receive financial help from TFCI, the travel agency must have the money-making ability with suitable credit documentation. To avail funds, Travel and Tour Operating Agencies must possess some obligatory documents like Registration of Business, updated ITR filings, Bank Statement and Aadhaar and PAN. A certain Debt-Equity Ratio is maintained among the lender and the borrower. This ratio becomes higher only if the debt-servicing capacity of the borrower gets better. Travel Agencies must have a significant turnover to be eligible to receive any kind of financial help. This eligibility differs among lenders.
You can always turn on to Tourism Finance Corporation of India to obtain the best business funding for your Travel & Tour Agency. They are making things easier for organizations to receive financial aids according to their need. They process all the formalities as quickly as they can so that you can collect what you need the most.