Denver International Airport start $1 million airport Concession Loan Program

Minority and women small business owners who are seem to bring their shopping or dining concept to Denver International Airport (DIA) can now relate for monetary help through the new Airport Concession Loan Program.

DIA developed the program in business with the Denver Office of Economic Development (OED). The $1 million revolving loan fund is future to improve the ability of entrepreneurs to do business at DIA by serving as gap financing for first-time concessionaires. The plan will lend qualified businesses up to $250,000, or 25 percent of the capital startup costs. The funds must be used for the aim 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 help women and minority entrepreneurs who want to be a branch of the businesses that help make the airport’s to an achievement.”    

To be eligible, applicants must be first-time airport tenants and meet positive eligibility necessities, including eligibility as an Airport Concessionaire lacking Business Enterprise (ACDBE). The federal ACDBE program provide augmented chance 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 planned to help change small business owners from carts and kiosks to storefront place. 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 all through the city of Denver.

“The concession program at Denver International Airport generates more than $280 million in yearly gross sales, and it give great chance for street restaurants and retail to make a main jump into aviation,” said Kim Day, Denver’s Manager of Aviation. “The change into airport operation need important capital, and this loan program will allow a better 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.”