Empire State Development (ESD) and the Port Authority of New York and New Jersey today announced the launch of New York state’s Airport Concessions Disadvantaged Business Enterprise (ACDBE) Fund. The $50 million state fund provides support to certified-ACDBE businesses seeking concession opportunities at the Port Authority’s New York City airports.
Two initial loans have already been approved for local small businesses by the Greater Jamaica Development Corporation (GJDC) and the Upper Manhattan Empowerment Zone, two of the participating lenders in the state program. They approved a $1 million loan for Queens-based Corral Ventures LLC to open a Golden Krust Caribbean Restaurant at John F. Kennedy International Airport’s Terminal 8. They also approved a $1.05 million loan to Queens-based Pies for the Sky Corp. to open a Singas Famous Pizza, also at 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. “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.”
“Supporting local small businesses by providing opportunities at our airports is part of the Port Authority’s goal of creating a world-class JFK Airport that opens doors for enterprising New Yorkers and also reflects the vibrant spirit of this city,” said Port Authority Executive Director Rick Cotton. “Our new business fund with Empire State Development enables opportunities for local small businesses to bring their distinct brands to the millions of national and international air passengers who use our airports.”…