This bill mandates the Secretary of the Department of Commerce to file an annual report by January 1 of each year regarding funds that support organizations or programs aimed at individuals starting new businesses or those established within the previous five years. The report will include the percentage of workforce development funding allocated to these organizations or programs, as well as the total dollar amount of such funding. Specifically, it will detail funding for individuals starting new businesses in Arkansas and for services provided to businesses established within the last five years.

Additionally, the report must be submitted to the Governor and the House and Senate Committees on Insurance and Commerce. The bill also includes a provision that the first annual report is due by January 1, 2025. This new requirement aims to enhance transparency and accountability regarding the allocation of workforce development funds in support of new and recently established businesses in the state.