City of Doncaster councillors approved a loan of £57 million for initial costs.
It expects the full reopening costs to be around £193 million.
However, a report said the airport would likely make losses for the first nine years after reopening.
“Quite simply without taking out the borrowing the airport cannot proceed. I know that the airport can be a success and I know the council will give us their support,” Doncaster Mayor Ros Jones said.
It is targeting starting cargo operations at the airport in 2027, followed by commercial passenger flights in summer 2028.
Approval for the £57 million follows the decision by South Yorkshire council leaders to grant nearly £160 million of public money to get the airport back up and running.
However, this wouldn’t cover all the reopening costs.