Law sets aside funds for Arkansas business and community projects

The law appropriates up to $129,082 from the Minority and Women-Owned Business Loan Mobilization Revolving Fund. The funds are for the Arkansas Economic Development Commission's efforts to develop minority businesses, help them compete for state contracts, and support their economic growth. The appropriation takes effect July 1, 2026.

The law appropriates up to $3 million from the Development and Enhancement Fund for grants or loans for eligible projects. Recipients may include state agencies, cities, counties, community-based nonprofits, and other entities the Commission finds eligible. Projects may support public works, job training, public health, business sites, transportation links, environmental work, or water and sewer systems. The Arkansas Economic Development Commission determines which other entities are eligible. The appropriation takes effect July 1, 2026.

The law appropriates up to $189,757 for grants or loans to help eligible entities meet outside funding requirements. Recipients may include state agencies, cities, counties, community-based nonprofits, and other eligible entities. The applicant must be seeking consideration from a grant-making organization that requires matching funds. The appropriation takes effect July 1, 2026.

The law appropriates up to $375,000 for eligible projects and $80,100 for activities tied to the state's economic development plan. The project funds may support the same types of public works and economic development projects listed for the $3 million appropriation. The $80,100 is for activities related to the state's strategic plan for economic development. The Commission determines eligible recipients for project grants or loans. The Commission's executive director allocates the strategic-plan funds. Both appropriations take effect July 1, 2026.