(a) Overview.

1. (1)

   1. (A) The Arkansas Small Business Innovation Research Matching Grant Program, Acts 2017, No. 166, was created to stimulate innovation and growth among the state’s technology businesses.
   2. (B) The program, administered by the Division of Science and Technology of the Arkansas Economic Development Commission, may provide, to eligible businesses, discretionary matching grants of up to fifty percent (50%) of the amount of federal Phase I and Phase II Small Business Innovation Research grants, not to exceed:

(i) Fifty thousand dollars ($50,000) for Phase I awards; and

1. (ii) One hundred thousand dollars ($100,000) for Phase II awards.

2. (2) Objectives of the program are to:

   1. (A) Create and retain high-tech jobs, especially high-wage jobs in middle-skill and high-skill occupations;
   2. (B) Encourage innovative small businesses to engage in federally-funded research that has the potential for technological innovation and commercialization;
   3. (C) Increase the amount of Small Business Innovation Research funds invested in Arkansas businesses; and
   4. (D) Induce the retention, growth, and location of companies in Arkansas.

(b) Program rule summary.

1. (1) Eligible applicants shall submit completed applications on forms prescribed by the division to request grant funding from the program.
2. (2) The Director of the Division of Science and Technology of the Arkansas Economic Development Commission, with advice from the Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission, shall review and recommend applications for grant funding to the Director of the Arkansas Economic Development Commission.
3. (3) Applicants receiving approval from the Director of the Arkansas Economic Development Commission shall execute grant agreements specifying grant terms and conditions.
4. (4) Grant funding shall be made available to grantees on a reimbursement basis, subsequent to submittal of requests for payment on forms approved by the division.

5. (5) Grantees shall submit final reports, upon full expenditure of program grant funds, in accordance with terms specified in the grant agreement.

   1. (c) Contact information. For more information, please contact: Arkansas Economic Development Commission Division of Science and Technology 1 Commerce Way, Suite 601 Little Rock, AR 72202 (501) 682-1121