Esd And Panynj Announce Launch Of $50 Million Acdbe Fund

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.”  

“We understand that airports can be challenging places for any business no matter the size to operate in, which is why this new fund will be incredibly helpful for disadvantaged small businesses who want to open at our airports in New York,” said Port Authority Chairman Kevin O’Toole. “We seek to support local businesses who share our vision of a global gateway with an authentic New York sense of place for the millions of travelers who will experience JFK as the front door to our region.”  

The U.S. Department of Transportation’s ACDBE program mandates that a portion of airport concession contracts be awarded to disadvantaged businesses. These businesses are often involved in retail, food and beverage, car rentals, and other concessions at airports. ACDBE-certified firms gain access to high-growth concession markets that can build their capacity, expand their business networks, and provide consistent and scalable revenue streams. As the administrator of the federal ACDBE program at the Port Authority’s two major airports in New York City, the Port Authority and its airport terminal partners conduct robust outreach to local businesses and communities to expand the pool of candidates and increase competition for concessions opportunities.

As part of those local community outreach efforts, the Port Authority works with the JFK Redevelopment Community Advisory Council, airport terminal operators, and their concessions managers to expand opportunities available to local, small and diverse businesses interested in operating airport concessions that will be appealing to travelers. In 2023, the Port Authority also launched the Institute of Concessions to prepare local businesses for the unique requirements of competing for and operating a business inside an airline terminal. Pies for the Sky Corp., the small business that was approved for a loan to operate a Singas Famous Pizza in Terminal 8, is one of the 44 Institute of Concessions graduates so far. Other graduates are among the many local small businesses that have been selected for opportunities or are part of joint-venture partnerships for concessions opportunities at JFK’s terminals 4, 5, 6 and 8 within the Port Authority’s $19 billion redevelopment of the city’s busiest international airport.   

To further these goals, the state initiative, supported by funding from ESD’s Metropolitan Economic Revitalization Fund and the State Small Business Credit Initiative, provides credit enhancements and direct lending capital to participating banks and community development financial institutions to support certified ACDBE firms participating in concession opportunities at New York City airports.  

“For far too long, small minority businesses have experienced significant barriers to accessing affordable capital, limiting their chances to compete with larger companies and sustain their operations within airport spaces,” said sad U.S. Rep. Gregory Meeks of New York. “I am proud to stand alongside Empire State Development as they unveil this incredible $50 million funding program that evens the playing field and creates economic opportunities for small businesses in the airport concessions industry especially for those Queens-based businesses in my district. This latest initiative is another step toward building a more diverse world-class experience when individuals visit JFK Airport.”  

“The launch of the Airport Concessions Disadvantaged Business Enterprise Fund marks a significant step toward ensuring equitable access to concession opportunities at our airports and I commend Governor Hochul, ESD and the Port Authority for their efforts to right-size access and opportunities for small businesses,” said New York state Sen. Leroy Comrie. “While I applaud the commitment to helping to level the playing field, I hope that considerations are being made to help keep labor costs manageable and price points affordable for travelers. I also encourage ESD and the Port Authority to see that safeguards are instituted to ensure that the beneficiaries of these loans have all the tools and resources to be successful so that they can repay the loans and still be able to thrive in the competitive marketplace at JFK Airport.” 

“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.” 

“Equitable access to economic opportunities is key to a more inclusive and prosperous New York,” said New York City Council Member Dr. Nantasha Williams. “The Airport Concessions Disadvantaged Business Enterprise Fund is a game-changer for small businesses, especially minority- and women-owned, seeking a foothold at our airports. This initiative drives economic growth and highlights the entrepreneurial spirit that defines New York. I commend Governor Hochul, Empire State Development, and the Port Authority for their commitment to expanding opportunities for local entrepreneurs.” 

“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,” saidJustin Rodgers, president & 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.” 

“Access to capital has by far one of the most glaring challenges that has prevented more locally based and minority-owned businesses that have checked all the right boxes to achieve their ACDBE certification. This includes developing their business growing plans, attending the JFK Institute of Concessions to put their business in position to do business with JFK and LaGuardia airports — only to be told that they don’t qualify and cannot access the necessary financing,” said Kevin W. Alexander, president & CEO of the Rockaway Development & Revitalization Corporation (RDRC). “Today’s announcement of a $50 million NYS ACDBE Fund established by the Empire State Development Corporation led by President Hope Knight, in conjunction with the Greater Jamaica Development Corporation and the Upper Manhattan Empowerment Zone, is a testimony to both their leadership and commitment to giving deserving businesses an opportunity to achieve their dreams.”  

Successful applicants can receive loans from $50,000 and up to $5,000,000. Typical uses of funds include working capital, acquisition of machinery and equipment and leasehold improvements at JFK or LaGuardia Airport. Funding remains available, and interested businesses should apply through participating lenders. Interested businesses should contact one of the following participating lenders for application details: 

Competitive interest rates, terms and fees are determined by the individual program lenders. Lenders are responsible for applications and credit decisions. For additional information, visit ESD’s ACDBE website, where program guidelines can be found. To qualify, businesses must: 

In January 2017, the JFK Vision Plan was announced to transform John F. Kennedy International Airport into the world-class airport that New Yorkers deserve. The vision plan provides a strategic framework for the Port Authority and its partners to completely redevelop, modify and expand existing facilities and infrastructure. The $9.5 billion development of a state-of-the-art New Terminal One that will anchor the airport’s south side broke ground in September 2022. A new $4.2 billion Terminal 6, which will connect seamlessly with Terminal 5 to create an anchor terminal on the airport’s north side, broke ground in February 2023. The $1.5 billion expansion of Terminal 4, led by Delta Air Lines and JFK International Air Terminal (JFKIAT), is substantially complete. Additionally, the $400 million expansion of Terminal 8, led by American Airlines, which operates the terminal, was completed in November 2022. 

All of the privately financed terminal projects combined with the Port Authority’s roadway, parking and infrastructure projects represent a $19 billion transformation of JFK and an extraordinary series of public-private partnerships. The Port Authority’s capital investment of $3.9 billion is leveraging private investment at a rate of nearly four to one when taking into account the full private investment of more than $15 billion that has been committed to the four projects comprising the full redevelopment of JFK. 

Empire State Development is New York’s chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the state. With offices in each of the state’s 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state’s world class tourism destinations through I LOVE NY.