(a) Application submittal.

1. (1) To request Arkansas Business and Technology Accelerator Grant Program funds, eligible applicants shall, utilizing forms prescribed by the Division of Science and Technology of the Arkansas Economic Development Commission, submit a completed, signed application with all supporting documentation to the division.

2. (2) Applications shall include:

   1. (A) Accelerator title;
   2. (B) Contact information;
   3. (C) Proof of legal organization as a business entity in good standing with the Secretary of State;
   4. (D) A statement of work;
   5. (E) The amount of funding requested; and
   6. (F) Start and completion dates of the project.

(b) Application review and approval. No grant offer shall be made by the Director of the Arkansas Economic Development Commission to an applicant until the division has completed the following review and approval process:

1. (1) The division shall conduct a preliminary review of each application, in order of receipt, to confirm that it:

   1. (A) Was submitted by an eligible applicant;
   2. (B) Is for a targeted business activity consistent with program objectives; and
   3. (C) Is complete, including all required attachments;

2. (2)

   1. (A) At its discretion, the division may request supplemental materials from the applicant.
   2. (B) All supplemental materials must be received at least forty-five (45) days prior to the next scheduled meeting of the Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission;
3. (3) All applications meeting preliminary review requirements shall be forwarded to the board at least thirty (30) days prior to its next scheduled meeting;

4. (4) The board shall:

   1. (A) Review each application in accordance with program rules; and
   2. (B) Forward, for each application reviewed, a recommendation to approve or disapprove the application to the Director of the Division of Science and Technology of the Arkansas Economic Development Commission;
5. (5) The Director of the Division of Science and Technology shall review each application in accordance with program rules and the advice and recommendation of the Commercialization Committee of the board;
6. (6) Upon completion of review, the Director of the Division of Science and Technology will provide preliminary funding recommendations to the Director of the Arkansas Economic Development Commission; and

7. (7)

   1. (A) The Director of the Arkansas Economic Development Commission, after reviewing the recommendations, will specify which applicants may receive grants.
   2. (B) Unsuccessful applicants will be notified in writing by the Director of the Arkansas Economic Development Commission.
   3. (C) Approved applicants will be required to execute a grant agreement outlining the amount, terms, and conditions of the grant.