August 9, 2012

REP. PERONE HONORED FOR CHAMPIONING JOB GROWTH

State Representative Chris Perone was recognized as a 2012 Champion of Small Business by the National Coalition for Capital for his commitment to spurring job growth in Connecticut. Rep. Perone was presented the award at a ceremony Wednesday night in Chicago.

Rep. Perone received the Champion of Small Business Award from Ben Dupuy of Stonehenge Capital.

Champion of Small Business Awards recognize individuals for demonstrating leadership in supporting policies and initiatives designed to promote access to capital for small businesses and entrepreneurs, especially those in economically distressed communities.

Rep. Perone spearheaded an initiative to expand the state’s Insurance Reinvestment Fund (IRF). The fund, originally designed to stimulate job growth in the insurance industry through the use of tax credits, was expanded to allow other types of companies access to those tax credits and loans.

“With banks not lending money in this recession, companies who need financing need new ways to access capital,” Rep. Perone said. “I don't build the factory, decide who to hire or what to make – but as a legislator, I can help put money into the hands of the people who can.”

The IRF legislation’s success is illustrated through the success of Seitz, a plastics manufacturer based in Torrington. Seitz was struggling and close to folding. The expanded access to the Insurance Reinvestment Fund kept them afloat, saving 150 jobs.

“Now that Seitz is back on their feet, they feel that they will double their workforce to 300 employees in 3-5 years,” Rep. Perone said.

“This award recognizes Rep. Perone’s important work to preserve and create jobs through access to capital policy that helps Connecticut small businesses grow and develop,” said Michael Votta, Executive Director of the National Coalition for Capital. “Rep. Perone has demonstrated he is a champion of small business, and his efforts will have an enduring positive impact on Connecticut.”

The National Coalition for Capital is a non-profit coalition of supporters of economic development and job creation through long-term access to capital for entrepreneurs and emerging companies.

Rep. Perone is serving his fourth term in the Connecticut General Assembly. He currently serves as a member of the Commerce, Finance Revenue and Bonding, and Transportation committees.