The proposed bill aims to promote economic growth by encouraging state agencies in Arkansas to allocate a portion of state contracts to local businesses that have been in operation for less than five years. Specifically, it introduces a new section to the Arkansas Code, designated as 19-11-108, which defines "state agency" in accordance with existing law and outlines the responsibilities of the Office of State Procurement.

Under this new provision, the Office of State Procurement is tasked with encouraging state agencies to award at least five percent of their contracts to eligible Arkansas businesses that meet the criteria of being operational for less than five years and having their principal place of business within the state. This initiative is designed to support the growth of emerging businesses and foster a more robust local economy.