The bill amends the Arkansas Small Business Innovation Research Matching Grant Program to include Small Business Technology Transfer grants alongside the existing Small Business Innovation Research grants. Specifically, it updates the definitions of "matching grant" and "Small Business Innovation Research Program" to reflect this inclusion. Additionally, the bill modifies the administration of the program by changing references from the "Division of Science and Technology of the Arkansas Economic Development Commission" to simply the "commission," which will now oversee the application process, eligibility criteria, and grant agreements.

Furthermore, the bill outlines the eligibility requirements for businesses seeking matching grants, emphasizing that applicants must have received a federal grant and must remain in Arkansas during the grant period. It also stipulates that at least 51% of the grant funds must be spent within the state and that disbursements will be made on a reimbursable basis. The bill aims to enhance support for small businesses engaged in targeted activities such as advanced materials, biotechnology, and information technology, thereby fostering innovation and economic growth in Arkansas.

Statutes affected:
SB 218: 15-3-703(2), 15-3-703(4)
Act 440: 15-3-703(2), 15-3-703(4)