Bill > HB1377

This bill requires the Director of the Arkansas Economic Development Commission to prepare and submit an annual report by January 1st detailing economic development funding that supports new businesses or businesses less than five years old. The report must include two key pieces of information: the percentage and total dollar amount of economic development funding (including community development block grants) directed toward: (1) individuals starting new businesses in Arkansas, and (2) businesses established within the previous five years that have their principal place of business in the state. The annual report must be filed with the Governor and both the House and Senate Committees on Insurance and Commerce. The first such report is scheduled to be due by January 1, 2027. This legislation aims to provide transparency and accountability regarding how economic development funds are being allocated to support emerging businesses in the state, giving policymakers and the public a clearer picture of small business support efforts.