The bill amends the Arkansas Small Business Innovation Research Matching Grant Program to expand its scope and clarify its administration. Key changes include the addition of "Small Business Technology Transfer grants" to the definitions of matching grants and the Small Business Innovation Research Program. The bill also updates the administering body from the "Division of Science and Technology of the Arkansas Economic Development Commission" to the "commission," which will now oversee the application process, eligibility criteria, and grant agreements.

Additionally, the bill specifies that eligible businesses must certify their receipt of either a Small Business Innovation Research grant or a Small Business Technology Transfer grant to qualify for matching funds. It establishes that matching grants can be awarded up to 50% of the federal grant amounts, with specific caps for Phase I and Phase II awards. The bill also mandates that at least 51% of the matching grant funds must be spent in Arkansas and outlines the reimbursement process for disbursements. Overall, these amendments aim to enhance support for small businesses engaged in innovation and technology development in Arkansas.

Statutes affected:
SB 218: 15-3-703(2), 15-3-703(4)