(a) The Arkansas Economic Development Commission shall institute a program to make participation loans that are originated by approved community lenders for small businesses in this state.
(b) The commission's participating share of any qualified loan shall not exceed fifty percent (50%) of the total loan amount, and the commission's share shall be in an amount not less than two thousand five hundred dollars ($2,500) and not more than forty thousand dollars ($40,000).
(c) The commission shall share on a pari passu basis with the originating community lender all collateral, guarantees, repayments, and recoveries on loans made in this program.
(d) The commission shall give preference to high-unemployment counties.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development Of Economic And Natural Resources Generally
Chapter 4 - Development Of Business And Industry Generally
Subchapter 25 - Small Business Loan Collaboration Program
§ 15-4-2502. Fifty-percent loan subsidy program
§ 15-4-2503. Lender application — Approval
§ 15-4-2504. Supporting documents