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, transferring responsibilities from the Division of Science and Technology of the Arkansas Economic Development Commission to the commission itself, and revises various procedural aspects related to application requirements and grant awards.

Key changes include the stipulation that matching grants can be awarded for up to 50% of the federal grant amounts, with specific caps of $50,000 for Phase I and $100,000 for Phase II grants. The bill also emphasizes that at least 51% of the matching grant funds must be spent in Arkansas and outlines that disbursements will be made on a reimbursable basis, contingent upon approval of submitted invoices and financial reports. Furthermore, the bill clarifies that eligible businesses must remain in Arkansas for the duration of the grant award period and designates an Arkansas resident as the principal investigator or project manager.

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