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SB 218

RELATING TO PUBLIC NOTICE.

2024 Regular Session Introduced by Ron Kouchi

SB 218 boosts Arkansas small businesses by offering matching grants up to $100,000 for innovative research, enhancing access to federal funding and fostering economic growth.

Carried over to 2024 Regular Session.
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Bill Summary · SB 218

Summary of Senate Bill 218 (SB 218)

Overview

Senate Bill 218 (SB 218) is a legislative proposal aimed at amending the Arkansas Small Business Innovation Research Matching Grant Program. The bill was introduced on February 11, 2025, and is currently carried over to the 2024 Regular Session. It seeks to enhance support for small businesses in Arkansas by providing matching grants that align with federal funding opportunities.

Purpose and Intent

The primary intent of SB 218 is to improve the accessibility and effectiveness of the Arkansas Small Business Innovation Research Matching Grant Program. By amending existing definitions and provisions, the bill aims to facilitate the growth of small businesses engaged in innovative research and development, thereby fostering economic development within the state.

Key Provisions

SB 218 includes several significant amendments to the existing law:

  1. Definition Updates:

    • The definition of "matching grant" is updated to allow for discretionary grants of up to 50% of the amount of a federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) grant.
    • Clarifies the federal programs that the state matching grants will correspond to, specifically referencing regulations as they existed on October 1, 2016.

  2. Program Administration:

    • The Division of Science and Technology of the Arkansas Economic Development Commission will administer the program, defining eligibility criteria, application processes, and grant award procedures.

  3. Eligibility Criteria:

    • Eligible businesses must be located in Arkansas and engage in specific targeted activities, including advanced materials, biotechnology, information technology, and more.
    • Businesses must also designate a principal investigator/project manager who is an Arkansas resident.

  4. Grant Amounts:

    • The bill stipulates that matching grants cannot exceed $50,000 for Phase I awards and $100,000 for Phase II awards.
    • At least 51% of the grant funds must be spent within Arkansas.

  5. Application Process:

    • Applicants must submit complete applications for each federal grant proposal they seek to match.
    • The bill establishes a clear review process for applications, ensuring compliance with the Freedom of Information Act.

  6. Limitations:

    • An eligible business may receive no more than three matching grants under this program.

Impact

SB 218 is expected to benefit small businesses in Arkansas by providing financial support that encourages innovation and research. The matching grants will help businesses leverage federal funding, potentially leading to increased job creation and economic growth in the state.

Procedural Aspects

  • Current Status: The bill is carried over to the 2024 Regular Session after being introduced in February 2025.
  • Legislative Actions: The bill has undergone several readings and committee reviews, with a recommendation for passage. It is currently awaiting further action in the legislative process.

Related Legislation

SB 218 has companion bills, including HB 19 and HB 108, which may address similar issues or provide additional support for small businesses in Arkansas.

This summary provides a comprehensive overview of SB 218, outlining its purpose, key provisions, and potential impact on small businesses in Arkansas.

Compiled from official sources — confirm details with the bill’s official record.

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