Lindblad Expeditions has received a US Small Business Administration (SBA) loan from Citibank, on the back of the COVID-19 crisis.
The $6.6 mill loan will primarily be used for payroll costs, the company explained.
Under the US Paycheck Protection Program Loan Note, the SBA loan has a fixed interest rate of 1%, a maturity date of 9th April, 2022, and no payments due for the first six months.
Under the terms of the SBA loan and promissory note, the company may apply to defer the amount due on the loan to an amount equal to the sum of the following costs incurred by the company during the eight-week period, or any other period that may be authorised by the US SBA, beginning on the date of first disbursement of the loan: payroll costs, any payment of interest on a covered mortgage obligation, payment on a covered rent obligation, and any covered utility payment.
The company also announced that it is re-scheduling or re-booking, as applicable, all voyages scheduled to start during May, 2020, due to travel restrictions from the virus’ global spread.