Bill > HB1372

This bill requires the Arkansas Economic Development Commission to allocate at least 5% of its economic development funding (including community development block grants) to support either new businesses or businesses that have been operating for less than five years within the state. Specifically, the funding will be directed towards programs that either help individuals start new businesses in Arkansas or provide services to recently established local businesses. The bill will become effective on January 1, 2027, and aims to provide targeted financial support to help young and emerging businesses get established and grow in the state. By setting aside a specific percentage of funding for these newer enterprises, the legislation seeks to stimulate economic growth and entrepreneurship in Arkansas by providing additional resources and support to small and emerging businesses during their critical early years of operation.