October 28, 2009

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Orange County launches its own stimulus package with business accelerator

Petro: "Meaningful job potential"

NEW WINDSOR – Orange County has its own stimulus package and county officials rolled it out formally on Tuesday.  The new Orange County Business Accelerator was christened in its new offices at Stewart International Airport.

Orange County Industrial Development Agency Board President James Petro called the OCBA a “stimulus package for jobs” in Orange County. “What we’re trying to do is get fledgling businesses with meaningful job potential to come here.”

Petro explained that a business would pay only $500 per month for space at the facility and that all other expenses from the amenities in the building itself to heat and electric would be subsidized be the IDA.

There are 11 spaces open to incubate new businesses and once an applicant has been accepted they may stay in the facility for up to three years, said Petro.

“The only way that we’re going to be rewarded for the large amount of money that we’re investing here is with meaningful jobs.”

Petro pointed to businesses in the fields of medical devices, nanotechnology, and green technology as exactly the type of applicants the OCBA would like to encourage.

“This is just so important, not only to Orange County but to the entire Hudson Valley region,” said County Executive Edward Diana.

He felt that this was yet another piece of the big picture exemplifying what the Hudson Valley has to offer economically. “We want businesses to come here. Orange County is open for business!”

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