Ark. Code § 15-3-703

Current with legislation from 2024 Fiscal and Special Sessions.

Section 15-3-703 - Definitions

As used in this subchapter:

(1) "Eligible business" means a for-profit business that:

(A) Is registered as a business entity in good standing with the Secretary of State; and

(B) Has its principal place of business in Arkansas;

(2) "Matching grant" means a discretionary grant of up to fifty percent (50%) of the amount of a federal Small Business Innovation Research grant for each approved matching grant application;

(3) "Principal investigator/project manager" means the primary individual designated by an eligible business to provide the scientific and technical direction to a project supported by a matching grant; and

(4) "Small Business Innovation Research Program" means the federal program administered by the United States Small Business Administration according to regulations adopted pursuant to 15 U.S.C. § 638, as it existed on October 1, 2016, which provides funds for Phase I and Phase II Small Business Innovation Research grants through participating federal agencies.

Ark. Code § 15-3-703

Added by Act 2017, No. 166,§ 2, eff. 10/1/2017.