(a) The Arkansas Development Finance Authority may approve the use of funds for qualified investments upon such terms and conditions and for such periods of time as shall be recommended by the President of the Arkansas Development Finance Authority and approved by the Board of Directors of the Arkansas Development Finance Authority from:
(1) Cash funds held by the authority; and
(2) The Venture Capital Investment Trust.
(b) The board shall not approve a qualified investment that:
(1) Does not further the purposes of this subchapter; and
(2) Is not in the best interest of the state.
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