§ 15-3-501. Title
This subchapter shall be known and may be cited as the “Arkansas Acceleration Fund Act”.
§ 15-3-502. Legislative intent
(a) The General Assembly finds that in October 2008 the Arkansas Task Force for the 21st Century Economy found and recommended that: (1) Education, research and development, entrepreneurship, risk capital, existing business innovation, and cyberinfrastructure are the most critical roles to Arkansas’s success in the twenty-first century global economy; (2) Twenty-six (26) programs, initiatives, and […]
§ 15-3-503. Advice and recommendations
(a) The Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission shall advise the Governor, the General Assembly, the Arkansas Economic Development Commission, and other agencies responsible for programs enumerated in subsection (b) of this section. (b) (1) The board shall make recommendations regarding support and assistance for […]
§ 15-3-601. Title
This subchapter shall be known and may be cited as the “Arkansas Business and Technology Accelerator Act”.
§ 15-3-602. Legislative findings
The General Assembly finds that: (1) Corporate growth requires the infusion of innovative ideas, products, and services; (2) A critical component of creating high-skilled, high-wage jobs is the encouragement of the Arkansas innovation entrepreneurial ecosystem to develop technological products and services; (3) Economic growth can be fostered by linking innovative new ideas, products, and services […]
§ 15-3-603. Definitions
As used in this subchapter: (1) “Business and technology accelerator” means a full-time, immersive program administered by an eligible applicant to potentially invest in, mentor, and accelerate commercial development of start-up businesses; (2) “Business and technology accelerator grant” means a discretionary grant of up to two hundred fifty thousand dollars ($250,000) for each approved business […]
§ 15-3-604. Administration
(a) (1) The Arkansas Business and Technology Accelerator Grant Program is created. (2) The Division of Science and Technology of the Arkansas Economic Development Commission shall administer the program. (b) The division shall: (1) Create application forms to be submitted by eligible businesses seeking a business and technology accelerator grant from the program; (2) Devise […]
§ 15-3-605. Application requirements
(a) To request a business and technology accelerator grant under this subchapter, an applicant shall complete and submit the application forms prescribed by the Division of Science and Technology of the Arkansas Economic Development Commission under § 15-3-604. (b) An applicant shall submit an application for each proposed business and technology accelerator grant. (c) The […]
§ 15-3-606. Business and technology accelerator grant awards
(a) A business and technology accelerator grant awarded under this subchapter: (1) Shall not: (A) Be awarded under this subchapter unless offered in writing by the Director of the Arkansas Economic Development Commission; and (B) Exceed two hundred fifty thousand dollars ($250,000); and (2) Subject to funding and the discretion of the director, may be […]
§ 15-3-607. Program funding
Business and technology accelerator grants awarded under this subchapter are limited by the amount of funds allocated to the Arkansas Business and Technology Accelerator Grant Program created under this subchapter.