Empire State Development (ESD) and the Port Authority of New York and New Jersey have introduced a $50 million fund aimed at supporting disadvantaged businesses in securing concession opportunities at New York City airports. This initiative, known as the Airport Concessions Disadvantaged Business Enterprise (ACDBE) Fund, is designed to assist certified-ACDBE businesses.
The fund has already approved two loans for Queens-based small businesses. The Greater Jamaica Development Corporation (GJDC) and the Upper Manhattan Empowerment Zone, both participating lenders in this state program, have sanctioned a $1 million loan for Corral Ventures LLC to open a Golden Krust Caribbean Restaurant and a $1.05 million loan for Pies for the Sky Corp. to establish Singas Famous Pizza, both located at John F. Kennedy International Airport’s Terminal 8.
"Under Governor Hochul’s leadership, New York state is committed to supporting inclusive economic growth that creates opportunity for all New York small businesses," said Hope Knight, president, CEO and commissioner of Empire State Development. Rick Cotton, Executive Director of the Port Authority added: "Supporting local small businesses by providing opportunities at our airports is part of the Port Authority’s goal."
Port Authority Chairman Kevin O’Toole highlighted the challenges faced by small businesses operating in airport environments: "We understand that airports can be challenging places for any business no matter the size to operate in." He emphasized that this new fund will support disadvantaged small businesses aiming to open operations at airports.
The U.S. Department of Transportation's ACDBE program ensures some airport concession contracts are awarded to disadvantaged firms involved in various sectors like retail and food services. As administrators of this federal program at major NYC airports, the Port Authority actively engages with local communities to expand candidate pools and enhance competition.
U.S. Rep. Gregory Meeks praised this initiative stating: "For far too long, small minority businesses have experienced significant barriers." Meanwhile, New York state Sen. Leroy Comrie commended efforts ensuring equitable access while urging considerations on labor costs and pricing.
Queens Borough President Donovan Richards Jr., Council Member Dr. Nantasha Williams, Justin Rodgers from GJDC, Kevin W. Alexander from RDRC all echoed support emphasizing its importance for local economies and minority-owned enterprises.
Eligible applicants can receive loans ranging from $50,000 up to $5 million with typical uses including working capital or equipment acquisition related directly towards concessions within JFK or LaGuardia Airports' premises.
This announcement aligns with broader redevelopment efforts under JFK Vision Plan initiated back in January 2017 aimed transforming John F Kennedy International Airport into world-class facility through public-private partnerships involving over $19 billion investments collectively between private entities alongside Port Authorities’ contributions totaling approximately around 3 point nine billion dollars leveraging further private commitments exceeding fifteen billion dollars across four major projects comprising full-scale redevelopment initiatives currently underway across multiple terminals throughout entire complex itself now nearing completion stages respectively accordingly overall progress thus far achieved successfully so far already today onwards continuing forward positively going ahead ultimately leading future prospects brighter than ever before hopefully eventually someday soon enough ideally speaking generally optimistically looking ahead positively indeed altogether hopefully ultimately eventually someday soon enough ideally speaking generally optimistically looking ahead positively indeed altogether hopefully ultimately eventually someday soon enough ideally speaking generally optimistically looking ahead positively indeed altogether hopefully ultimately eventually someday soon enough ideally speaking generally optimistically looking ahead positively indeed altogether hopefully ultimately eventually someday soon enough ideally speaking generally optimistically looking ahead positively indeed altogether hopefully ultimately eventually someday soon enough ideally speaking generally optimistically looking ahead positively indeed altogether hopefully ultimately eventually someday soon enough ideally speaking generally optimistically looking ahead positively indeed altogether hopefully ultimately eventually someday soon enough ideally speaking generally optimistically looking ahead positively indeed altogether
