New York state economic growth agency Empire State Development (ESD) and the Port Authority of New York and New Jersey (PANYNJ) have launched a new Airport Concessions Disadvantaged Business Enterprise (ACDBE) fund. The $50-million state fund will provide qualifying ACDBE-certified businesses seeking concession opportunities at PANYNJ’s New York City airports capital loans between $50,000 and $5,000,000. The new fund joins ESD and the PANYNJ’s ongoing efforts to include local ACDBE businesses in its $19-billion redevelopment of John F. Kennedy International Airport (JFK). Participating lenders the Greater Jamaica Development Corporation (GJDC) and the Upper Manhattan Empowerment Zone have awarded the program’s first loans for ACDBE businesses launching at JFK’s Terminal 8, including $1 million to Queens-based Corral Ventures, LLC to open a Golden Krust Caribbean Restaurant and $1.05 million to Queens-based Pies for the Sky Corp. to open a Singas Famous Pizza.
“Programs such as the ACDBE Fund from Empire State Development enable small business owners like me to establish a presence at JFK airport,” said Manish Chadha of Singas Pizza. “With the assistance of Ray Salaberrios from ESD, I was directed to Greater Jamaica and UMEZ. Thanks to the loan I obtained, I am now able to launch Singas Pizza at JFK 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 businesses 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.”
“Our borough’s airports are gateways to the region and linchpins of our economy, so it’s important to make sure local businesses owned by members of disadvantaged communities have the opportunity to benefit from the economic activity these airports create,” said Queens Borough President Donovan Richards, Jr. “The new Airport Concessions Disadvantaged Business Enterprise Fund will help achieve this goal by providing vital support to disadvantaged businesses seeking concession opportunities at the airports. I thank Governor Hochul, Empire State Development and the Port Authority for their outstanding support of disadvantaged businesses, and I look forward to patronizing the many Queens-based businesses that will take advantage of the fund’s support to establish thriving concessions at our airports.”
“Supporting and bolstering disadvantaged businesses is at the core of Greater Jamaica’s mission and we are proud to be a part of the ACDBE initiative,” said Justin Rodgers, president and CEO of the Greater Jamaica Development Corporation and co-chair of the JFK Business Development Committee Advisory Council. “Gov. Hochul and Empire State Development have proven their commitment to Jamaica and southeast Queens time and again with tangible support focused on helping small businesses. As a CDFI, the state’s backing helps Greater Jamaica to do more.”
