The proposed bill aims to promote economic development by ensuring that new businesses and those established within the last five years receive financial support. It amends Arkansas Code Title 15, Chapter 4, Subchapter 2, by adding a new section, 15-4-221, which mandates the Arkansas Economic Development Commission to allocate at least five percent of the budgeted funding for economic development programs, such as community development block grants, to support initiatives for new businesses and those that have been operating for less than five years.

Additionally, the bill specifies that the funding should be directed towards organizations or programs that assist individuals starting new businesses in Arkansas or provide services to businesses established within the previous five years. The act is set to take effect on January 1, 2027.