(a) Any small business investment company which qualifies and is licensed by the United States Small Business Administration as a small business investment company authorized to do business in this state and to make loans and provide investment funds for capital improvements to persons whose participation in the free enterprise system is hampered because of social or economic disadvantage shall be entitled to apply with the Division of Minority Business Enterprise of the Arkansas Economic Development Commission for loans under the provisions of this subchapter and may sell to the division loans made to small business concerns eligible to receive the loans under the provisions of this subchapter.
(b) If applications for loans or applications to sell investment loans filed with the division exceed the funds available for such purposes, the Arkansas Economic Development Council shall promulgate appropriate rules to apportion to each such small business investment company its pro rata share of available loan funds in accordance with guidelines and standards promulgated by the council.
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 4 - Jobs Creation by Stimulating Small Business Growth Act of 1985
§ 15-4-402. Legislative findings and purpose
§ 15-4-404. Promulgation of rules generally
§ 15-4-405. Companies qualified for loan application and sale — Apportioning available funds
§ 15-4-406. Authority to issue revenue bonds — Loan funds
§ 15-4-407. Limits on bond issuance and loan purchases
§ 15-4-408. Prerequisites to issuance
§ 15-4-409. Authorizing resolution and trust indenture
§ 15-4-410. Issuance and redemption procedures
§ 15-4-414. No personal liability