UKS represents State of Connecticut in the establishment of $150 million Connecticut Small Business Boost Fund

Updike, Kelly & Spellacy recently completed its representation of the State of Connecticut in the establishment of the $150 million Connecticut Small Business Boost Fund whose purpose is to provide low-interest loans to small businesses and non-profit organizations in the state with a particular focus on low-income and underserved communities.  Shareholder Michael Botelho served as lead counsel to the State Department of Economic and Community Development (DECD), the state agency responsible for funding up to $75 million to the program.   The remaining $75 million of program funds are to be provided by private lenders.  Attorney Tom Welch also provided counsel to DECD in the creation of the program.

Over the years Attorney Botelho has represented the State on other large economic development projects including the exchange of research and development tax credits with United Technologies Corporation in the amount of $400 million, the provision of grants and sales and use tax offsets to Lockheed Martin Corporation in the amount of up to $220 million and the granting of financial incentive benefits to establish the Aer Lingus terminal at Bradley International Airport.

Attorney Botelho is Chairman of the firm’s Public Finance Practice Group. He can be reached at mbotelho@uks.com.

Click the link below the read the complete article:
https://ctmirror.org/2022/07/25/ct-small-business-boost-fund-loan-women-minorities-underserved-nonprofits-businesses/.