The proposed bill aims to promote workforce development funding for new businesses and those that have been operational for less than five years in Arkansas. It introduces a new section to the Arkansas Code, specifically 25-43-306, which mandates the Department of Commerce to ensure that at least five percent (5%) of workforce development funding is allocated to support organizations or programs that assist individuals starting new businesses or provide services to businesses established within the last five years, with a principal place of business in the state.
Additionally, the bill includes temporary language stating that the act will take effect on January 1, 2027. This initiative is designed to bolster economic growth by directing resources towards emerging businesses, thereby fostering innovation and job creation within the state.