As used in this subchapter: (1) “Commission” means the Arkansas Economic Development Commission; (2) “Community lender” means any organization that is involved in making loans to small businesses within this state; (3) “Council” means the Arkansas Economic Development Council; (4) [Repealed.] (5) (A) “High unemployment” means an unemployment rate equal to or greater than one […]
(a) The Arkansas Economic Development Commission shall institute a program to make participation loans that are originated by approved community lenders for small businesses in this state. (b) The commission’s participating share of any qualified loan shall not exceed fifty percent (50%) of the total loan amount, and the commission’s share shall be in an […]
(a) Any community lender that desires to seek participating loans from the Arkansas Economic Development Commission pursuant to the program authorized by this subchapter shall make application to the commission. (b) Approval of any participating community lender shall be done by action of the Arkansas Economic Development Council.
Each community lender requesting a participating loan shall submit to the Arkansas Economic Development Commission an application, supporting documents, and instruments as may be required by the rules promulgated by the commission.
The Arkansas Economic Development Commission shall: (1) Actively seek support from and collaboration with statewide financial institutions, the Arkansas Credit Union League, United States Small Business Administration, Arkansas Bankers Association, Arkansas Development Finance Authority, and other agencies interested in supporting small business efforts in the state; and (2) Provide small business persons with: (A) Assistance […]
The Arkansas Economic Development Commission shall promulgate rules to implement this subchapter.
