Minority and women small business owners who are looking to bring their shopping or dining concept to Denver International Airport (DIA) can now apply for financial assistance through the new Airport Concession Loan Program.
DIA developed the program in partnership with the Denver Office of Economic Development (OED). The $1 million revolving loan fund is intended to enhance the ability of entrepreneurs to do business at DIA by serving as gap financing for first-time concessionaires. The program will lend qualified businesses up to $250,000, or 25 percent of the capital startup costs. The funds must be used for the design and capital investment of the concession location and are paid back at a competitive fixed interest rate over the life of the operating contract.
“Denver International Airport has grown to become a $26 billion annual economic engine for the state of Colorado,” said Denver Mayor Michael B. Hancock. “The Airport Concession Loan Program will assist women and minority entrepreneurs who want to be a part of the businesses that help drive the airport’s success.”
To qualify, applicants must be first-time airport tenants and meet certain eligibility requirements, including eligibility as an Airport Concessionaire Disadvantaged Business Enterprise (ACDBE). The federal ACDBE program provides increased opportunities for minority- and women-owned small businesses at airports. The loan program is also open to participants in the airport’s Retail Merchandising Unit program, which is designed to help transition small business owners from carts and kiosks to storefront locations. Crafted as an element of the OED JumpStart economic development strategic plan, the lending program builds upon the framework of the other small business lending programs offered throughout the city of Denver.
“The concession program at Denver International Airport generates more than $280 million in annual gross sales, and it provides great opportunities for street restaurants and retail to make a major jump into aviation,” said Kim Day, Denver’s Manager of Aviation. “The transition into airport operation requires significant capital, and this loan program will allow a greater number of small, minority-owned and women-owned businesses to take that big step. The end result will be a greater diversity of concessionaires and offerings, which will benefit our customers and our community.”
Small business owners who are interested in more information about the program may contact Paul Bunyard in the Office of Economic Development at 720-913-1629 or email@example.com.
Denver International Airport is the 13th-busiest airport in the world and the fifth-busiest airport in the United States. With more than 50 million passengers traveling through the airport each year, DIA is one of the busiest airline hubs in the world’s largest aviation market. DIA is the primary economic engine of the state of Colorado, generating more than $26 billion for the region annually. For more information visit www.flydenver.com, check us out on YouTube, like us on Facebook and follow us on Twitter.Continue Reading »