NEWBURGH – Orange Packaging of Newburgh has received approval for funding as part of the federal COVID-19 stimulus package. The family-owned business received the compensation just one day after the Orange County Industrial Development Agency helped submit all the necessary paperwork.
The approval comes on the heels of a webinar organized by the IDA where over 200 local businesses heard from federal experts about the recently passed stimulus package.
“The Orange County IDA and The Accelerator were instrumental in helping us submit the proper paperwork to our bank, and now we have received approval for funds that we will use to keep our workers employed and start rebuilding our business that has been devastated by this virus crisis,” said Michael Esposito, owner of Orange Packaging.
IDA Chief Operating Officer Laurie Villasuso said her agency needs to “make sure local businesses get the help they need to survive.
Over 60 local small businesses have had consultations with the IDA since it launched its economic recovery program. That program works with local small businesses to identify and solve their biggest business challenges amid the COVID-19 crisis.
At its April 9 meeting, the IDA affiliate, the Orange County Funding Corporation, will vote to set aside $500,000 to create a loan fund available for local businesses as another step to help rebuild the local economy in the aftermath of the deadly virus.