Empire State Development (ESD) and the Port Authority of New York and New Jersey have announced the launch of the $50m Airport Concession Disadvantaged Business Enterprise (ACDBE) Fund.
This initiative is designed to support certified ACDBE businesses seeking concession opportunities at New York City airports.
The fund aims to provide financial assistance to these businesses, enhancing their ability to participate in high-growth airport concession markets.
These businesses, often involved in retail, food and beverage, and car rentals, can now access markets that offer potential for growth and consistent revenue.
Two local small businesses have already benefited from the fund, with loans approved by the Greater Jamaica Development Corporation and the Upper Manhattan Empowerment Zone.
Queens-based Corral Ventures received a $1m loan to open a Golden Krust Caribbean Restaurant at JFK Airport’s Terminal 8, while Pies for the Sky was granted $1.05m for a Singas Famous Pizza outlet at the same terminal.
The Port Authority, which administers the federal ACDBE programme at its New York airports, conducts outreach to local communities to increase the pool of concession candidates.
The Port Authority also collaborates with the JFK Redevelopment Community Advisory Council and terminal operators to increase opportunities for local, diverse businesses.
Empire State Development president, CEO and commissioner Hope Knight said: “Under Governor Hochul’s leadership, New York state is committed to supporting inclusive economic growth that creates opportunity for all New York small businesses.
“This innovative fund presents a unique opportunity to foster economic inclusion, empower disadvantaged small business to grow, and introduce visitors to some of New York’s tastiest food options.”
The Institute of Concessions, launched by the Port Authority in 2023, prepares local businesses for the demands of operating within an airport.
The state initiative, backed by ESD’s Metropolitan Economic Revitalization Fund and the State Small Business Credit Initiative, offers credit enhancements and direct lending to support ACDBE firms.
Loans range from $50,000 to $5m, covering working capital, equipment acquisition, and leasehold improvements at JFK or LaGuardia Airport.
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