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GOSHEN, NY-The Orange County Capital Development Corp., an economic development agency geared to helping start-ups and entrepreneurs secure financing, reports that a firm which manufactures and sells pet MRIs has secured up to $2 million in funding from GE Medical Financial Services of Danbury, CT. The financing deal was announced by Orange County Capital Development Corp., a wholly owned subsidiary of the Orange County Partnership, the county’s chief economic development agency.

Advanced Veterinary Technologies Inc. began discussions with Orange County Capital in March, which shortly thereafter got the company in touch with Lighthouse Business Group of Fishkill, NY. Lighthouse Business Group brokered the deal with the medical funding unit of GE Capital Corp.

Robert Hannan, managing director of Orange County Capital, says the deal is the first for his organization, which began operations last year. The organization’s main mission is to help business start-ups and entrepreneurial ventures with venture capital or other funding sources so that they can grow their operations in Orange County.

Dr. Joseph A. Helpern, president and chief executive officer of AVT, says the funding will help his firm fulfill its first three contracts to provide its advanced pet magnetic resonance imaging (MRI) systems. The company is already operating a pet MRI at the Animal Medical Center in New York City and is preparing to install its system at two other animal hospitals in Boston and New Jersey.

While the initial funding of $500,000 from GE Capital will be used for contract fulfillment as well as for its upcoming sales and marketing efforts, Helpern says that the company plans to expand its presence in the county in the future. He adds that it may also consider eventually shifting its manufacturing functions, which are now being conducted by a joint venture in Massachusetts, to Orange County.

Orange County Capital’s Hannan, says that he is surprised that the agency’s first deal came so quickly. He notes that the organization is talking with four other fledgling companies and trying to line them up with financing sources. “As the national economy continues to accelerate, we expect continued interest in our service,” he adds.

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