§ 15-3-707. Matching grant awards

(a) A matching grant awarded under this subchapter:

1. (1) Shall not:

   1. (A) Be awarded under this subchapter unless offered in writing by the Director of the Arkansas Economic Development Commission; and

   2. (B) Exceed fifty percent (50%) of the federal Small Business Innovation Research award, up to:

      1. (i) Fifty thousand dollars ($50,000) for a matching grant awarded to match a federal Phase I award; and

      2. (ii) One hundred thousand dollars ($100,000) for a matching grant awarded to match a federal Phase II award; and

2. (2) Subject to funding and the discretion of the executive director, may be offered to an eligible applicant that successfully completes the application process.

(b) The matching grant agreement between the Division of Science and Technology of the Arkansas Economic Development Commission and the eligible applicant shall delineate all requirements of the matching grant.

(c) At least fifty-one percent (51%) of the amount awarded for the matching grant shall be spent in Arkansas.

(d) Disbursements for matching grants shall be made on a reimbursable basis, payable when invoices and financial reports are submitted to the division.

(e) An eligible business shall not receive more than three (3) matching grants under this subchapter.