§ 15-3-604. Administration

(a)

1. (1) The Arkansas Business and Technology Accelerator Grant Program is created.

2. (2) The Division of Science and Technology of the Arkansas Economic Development Commission shall administer the program.

(b) The division shall:

1. (1) Create application forms to be submitted by eligible businesses seeking a business and technology accelerator grant from the program;

2. (2) Devise an application process that:

   1. (A) Defines the eligibility criteria for a business and technology accelerator grant; and

   2. (B) Establishes application submittal and review processes;

3. (3) Define a process by which business and technology accelerator grants may be awarded; and

4. (4) Execute standard legal grant agreements and other documentation governing the disbursement and use of business and technology accelerator grants.