(a) The Arkansas Development Finance Authority shall promulgate standards and rules for the evaluation of the financial condition and business history of the small-business person and may require the attachment to each application for a loan or guaranty or qualified investment under this subchapter of a financial report and evaluation by an independent certified public accountant firm in addition to such examination and evaluation as the authority may make in determining whether the small-business person meets prescribed minimum standards and qualifications before entering into any guaranty under this subchapter.
(b) The authority may also promulgate rules for the handling of disbursements from and payments to the Small Business Revolving Loan Fund and the Direct Fund and for the management and implementation of programs provided in this subchapter, specifically including the establishment of amounts to be made available for small businesses in rural areas.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development Of Economic And Natural Resources Generally
Chapter 5 - Arkansas Development Finance Authority
Subchapter 7 - Arkansas Development Finance Authority Small Business Act of 1989
§ 15-5-702. Legislative findings and declaration of public necessity
§ 15-5-705. Funding or guarantee of loans — Conditions
§ 15-5-706. Evaluation of small-business persons
§ 15-5-707. Small Business Revolving Loan Fund — Investment of funds
§ 15-5-708. Applications — Supporting documents
§ 15-5-709. Applications — Review — Confidentiality and public disclosure — Notice
§ 15-5-710. Liability of authority's members and staff
§ 15-5-712. Power to make grants and loans
§ 15-5-713. Funding of qualified investments
§ 15-5-714. Entrepreneur Fee Waiver Pilot Program — Definition