The proposed bill aims to promote economic development by encouraging the allocation of funding to new businesses and those established within the last five years. It amends Arkansas Code Title 15, Chapter 4, Subchapter 2, by adding a new section, 15-4-221, which mandates that the Arkansas Economic Development Commission ensure that at least five percent of the budgeted funding for economic development programs, including community development block grants, is directed towards supporting new business initiatives and services for recently established businesses.

Additionally, the bill specifies that the funding should support individuals starting new businesses in Arkansas and organizations that assist businesses that have been operational for less than five years. The act is set to take effect on January 1, 2027.