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News : Business Mar 7, 2013 - 7:03:24 AM

Bill introduced by Perone to make funds available for small businesses clears both chambers

By State Representative Christopher Perone's office

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State Representative Christopher Perone (D-Norwalk) is pleased that a bill he co-introduced, which originated in the Commerce Committee, passed the Senate and the House Wednesday night. Senate Bill 801 makes Manufacturing Assistance Act funds available for the Small Business Express Program.

“This program has been a very successful and important resource to small businesses here in Norwalk and around the state,” said Rep. Perone. “If the House and the Senate hadn’t acted tonight, funding for 600 companies would have died on the vine.”

SB801 will transfer funds from the Manufacturing Assistance Account that was previously set aside for small business development to the accounts of the Small Business Express program. The Small Business Express Program to date has supported over 500 small businesses, and this money will help in supporting many more.

To date, eight Norwalk companies have used these funds to expand, purchase new equipment and hire more people. And by adding funds to the Small Business Express program, that success will continue. As of March 1, 2013, DECD has paid out $77.5 million to businesses that have committed to create 2,024 new jobs and retain 5,356 jobs over the next 12 months.

Representative Perone serves Norwalk’s 137th Assembly district. He is Chair of the Commerce Committee, and a member of the Energy and Technology Committee

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