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 amends the Arkansas Code Title 25, Chapter 43, Subchapter 3 by adding a new section, 25-43-306, which mandates that the Department of Commerce encourage the allocation of at least five percent (5%) of workforce development funding to support organizations or programs that assist individuals starting new businesses or provide services to businesses established within the last five years.

Additionally, the bill specifies that this funding should be directed towards businesses whose principal place of operation is in Arkansas. The act is set to take effect on January 1, 2027, as indicated by the temporary language included in the bill.