Up to 500 athletes a year will receive $2,000 (£1400/€1600) in promotional credit with The Olympic Partner (TOP) member Airbnb in new scheme to support travel, accommodation and training.
The Airbnb Athlete Travel Grant, supported by the International Olympic Committee (IOC), will run over the next eight years, totalling $8 million (£5.7million/€6.6million) in direct support across the life of the partnership.
"Our work with the International Olympic Committee is focused on dedicated support for individual athletes who are at the centre of the Olympic and Paralympic Movement," said Airbnb's head of hosting, Catherine Powell.
"With thousands of athletes already using Airbnb for travel needs related to training, qualification and competition, this new programme will provide much needed additional economic support."
Kirsty Coventry, chair of the IOC Athletes’ Commission, said: "We are very proud that together with Airbnb, we have developed the Olympian and Paralympian Experiences programme and now the new Travel Grant.
"Through these two initiatives, athletes have the opportunity to create their own revenue streams and directly benefit from Airbnb’s partnership with the Olympic Movement."
Airbnb's partnership with the IOC and the International Paralympic Committee (IPC) spans nine years and encompasses five Olympic and Paralympic Games.
Airbnb joined the IOC's TOP programme in 2019, at the time becoming the 14th member
To date, Airbnb and the IOC say they allocated $40 million (£28.5million/€33million) of the overall sponsorship to direct support for athletes.
In addition to these funds being allocated to the Airbnb Athlete Travel Grant, this $40 million is also the source of funding for other athlete-focused initiatives unique to Airbnb.
In 2020 Airbnb and the IOC launched the Olympian and Paralympian Experiences scheme, enabling athletes to generate income while they share their passions and their sport with guests directly on the Airbnb Experiences platform.
Airbnb has committed investment to support Paralympians and aspiring Paralympians with up to 8,000 stays that meet their specific travel needs, involving accessible travel and accommodation.
And in partnership with the IOC and IPC, all Olympians and Paralympians who compete at each of the five Olympic or Paralympic Games throughout the partnership will receive $500 (£360/€415) in Airbnb promotional credit in celebration of their accomplishment.
Applications for the 2021 Airbnb Athlete Travel Grant are now open to all elite athletes, Olympians, Paralympians and Games hopefuls.
Applications will close on May 14, with more details available here.