Aviation - Community Aviation Revitalization Board loan

2024

In May 2021, the Community Aviation Revitalization Board loan program was made permanent by the Washington State Legislature and was funded with $15 million through the 2023-2025 biennium. This revolving loan program provides low-interest loans to public general aviation airports for revenue-producing projects to help them become more self-sustainable and less reliant on state and federal funding.

The program has received 49 applications totaling $32,844,575 since its inception. As of 2024, the CARB has awarded loans for 25 projects totaling $14,863,736, including five in 2024 that total $3,862,510.

To date, qualifying airports have completed 64% of the projects (16 out of 25), with 10 of them beginning loan repayments. The next round of funding is planned for September 2025 with approximately $5 million in funding from the proposed 2025-2027 capital budget.

2023

Community Aviation Revitalization Board loan program awards approximately $12.5 million

In May 2021, the Community Aviation Revitalization Board (CARB) loan program was made permanent by the Washington State Legislature and has been funded with $15 million through the 2023-2025 biennium. The revolving loan program provides low-interest loans to public general aviation airports for revenue-producing projects to help them become more self-sustainable and less reliant on state and federal funding.

The program has received 43 applications totaling $27,294,367 since its inception. As of 2023, the CARB has awarded loans for 21 projects totaling $12,453,923.

To date, qualifying airports have completed 52% of the projects (11 out of 21), with six of them beginning loan repayments. The Port of Bremerton's new $4.2 million multi-purpose facility at the Bremerton National Airport that includes a multiplane hangar, aeronautical office space, pilot flight-planning room, multiple restrooms, and a 147-seat restaurant was partially funded by a $750,000 CARB loan.

The next round of funding is planned for May 2024 with approximately $2.5 million in remaining funding in the 2023-2025 capital budget.

2022

Community Aviation Revitalization Board loan program awards approximately $9.2 million to 17 projects

In May 2021, the Community Aviation Revitalization Board loan program was made permanent with the passage of Senate Bill 5031 and funded with an additional $5 million for the 2021-2023 biennium. The revolving loan program was designed to provide low-interest loans to airports for revenue-producing projects that will help them become more self-sufficient and less reliant on state and federal funding.

To date, the program has received 38 applications totaling $23,038,096. The CARB has awarded loans for 17 projects totaling $9,184,402.

Eight of the 17 (47%) of the projects have been completed, with four of them starting on loan repayments. A $750,000 CARB loan partially funded the Port of Bremerton's new $4.2 million multi-purpose facility at the Bremerton National Airport, which includes a multi-plane hangar, aeronautical office space, pilot flight-planning room, multiple restrooms, and a 147-seat restaurant.

Another round of CARB loans are planned for July 2023 subject to additional funding being secured in the 2023-2025 capital budget.

2021

Community Aviation Revitalization Board loan program awards more than $7 million to 15 projects

In May 2021, the Washington State Legislature voted to make the Community Aviation Revitalization Board loan program permanent and provided $5 million in state funding to be awarded during the 2021-2023 biennium. The revolving loan program provides low-interest loans to airports for revenue-producing projects to help them become more self-sustainable and less reliant on state and federal funding.

To date, the loan program has received 31 applications totaling over $17 million. The eight-person board has awarded loans for 15 projects totaling $7,070,000.

Forty percent of the projects (six out of 15) have been completed, and three have started making loan repayments. Another round of funding is planned for spring 2022.

2020

Community Aviation Revitalization Board Loan Program awards more than $4.7 million for 11 projects

The Community Aviation Revitalization Board Loan Program provides low-interest loans to airports with less than 75,000 annual enplanements. The funds from these loans are invested in revenue-producing projects to help these airports become more self-sufficient and less reliant on state and federal funding.

Since its inception on July 1, 2019, the program has received 26 applications totaling $14.9 million. The CARB has selected and entered into loan agreements for 11 projects totaling $4,740,000.

COVID-19 impacts on businesses and construction have delayed most of these projects by up to four months. However, if no further delays occur, all of the projects under agreement are expected to be completed by the end of 2021. Both of the Sequim Valley Airport projects have been completed and reimbursed through the CARB Loan program. The Othello Municipal Airport's Hangar project and the William R. Fairchild's Sewer Extension and Hangar Development projects are under construction and expected to be completed before the end of 2020.