The bill establishes a new requirement for the Director of the Arkansas Economic Development Commission to file an annual report concerning contracts awarded to businesses that have been in operation for less than five years. This report, due by January 1 of each year, must include details such as the number and total dollar amount of these contracts, a breakdown by demographic segments and geographic areas, and the percentage of total contracts awarded to these businesses. Additionally, the report should provide recommendations for improving access to state contracts for newer businesses, particularly those in underrepresented demographic segments and geographic areas.

The first annual report under this new section, designated as 15-4-221, is specifically required to be submitted by January 1, 2025. The report will be filed with the Governor and the relevant House and Senate committees on Insurance and Commerce, ensuring that key stakeholders are informed about the participation of newer businesses in state contracting opportunities.