(a) Application submittal.

1. (1) To request Arkansas Small Business Innovation Research Matching Grant Program funds, eligible businesses 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) A project title;
   2. (B) Contact information;
   3. (C) Proof of legal organization as a business entity in good standing;
   4. (D) A statement of work;
   5. (E) Federal Small Business Innovation Research documentation, including:

(i) For Phase I applications, they have received a Small Business Innovation Research grant from a sponsoring agency in response to a specific federal solicitation; or

1. (ii) For Phase II applications:

(b) (b) Documentation from the sponsoring agency indicating an interest in the Phase II proposal; and

1. (c) (c) A copy of the Phase II Small Business Innovation Research proposal to the sponsoring agency;

   1. (F) A summary of previous program awards;
   2. (G) The amount of funding requested; and
   3. (H) 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 applicant 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 business;
   2. (B) Is for a targeted business activity;
   3. (C) Is complete, including all required attachments; and
   4. (D) Contains all required federal Small Business Innovation Research documentation;

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 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 Director of the Division of Science and Technology recommendations, will specify which applicants may receive grants.
   2. (B) Unsuccessful applicants will be notified in writing by the Director of the Division of Science and Technology.
   3. (C) Approved applicants will be required to execute a grant agreement outlining the amount, terms, and conditions of the grant.