The Community Aviation Revitalization Board (CARB) has approved a 5th round of loan applications for the Community Aviation Loan Program. Over $2.4 million is available to award.
The primary purpose of the revolving loan program is to fund revenue-producing capital projects that assist public-use, general aviation airports to become more self-sustainable. The program provides loans up to $750,000 at 2% interest to airports with less than 75,000 annual commercial enplanements, as reported to the FAA. Loans can have a maximum 20-year loan period and recipients can opt to have up to a 3-year loan repayment grace period. Loan recipients must commit to provide public access to the airport for a period of time equivalent to one and one-half times the term of the loan.
Eligible projects can include hangars, fueling facilities, business parks on airport property, paid parking facilities, passenger amenities, and other revenue-generating or cost-cutting developments. The initial deadline for the 5th round of loan applications is Friday, July 1, 2022.
For an application or more information, contact Dave Chenaur, Aviation Loan Program Manager at chenaud@wsdot.wa.gov. The loan application and other loan program information is also posted on WSDOT Aviation’s website, https://wsdot.wa.gov/travel/aviation/community-aviation-revitalization-board-carb-loan-program
