Durham Tees Valley Airport did not make it onto the shortlist in the latest round of the Regional Growth Funding.
It had been hoped that the money could have been used to build a freight operation at the airport.
The Business Secretary is looking again at a failed bid from Durham Tees Valley airport to win a 6 million pounds government grant.
The cash would fund a site development that may be critical to the airport's future
Two local MPs met Mr Cable, after the airport lost out on the funding last month.
It comes at a time when there has already been a measured drop in passenger numbers, and warnings over the airport's sustainability.
"I would personally like to thank the local community for their amazing donations of food, toiletries and clothing. "
Owners John and Irene Hays say there is ''light at the end of the tunnel'', after the pandemic forced them to close 650 UK stores.
There has been resistance to calls to dismantle memorials to the explorer.