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15-3-117. Use of revenues — Assistance to minority businesses.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-3-117. Use of revenues — Assistance to minority businesses.
(a) The Arkansas Economic Development Commission is authorized to use any available revenues for the accomplishment of the purposes set forth in this subchapter.
(b) In carrying out the purposes set forth in this subchapter, the commission will assist minority businesses in obtaining loans or other means of financial assistance.
(c) The terms and conditions of such loans or financial assistance, including the charges for interest and other services, will be consistent with the provisions of this subchapter.
(d) In order to comply with this requirement, efforts will be made to solicit for review and analysis proposed minority business ventures.
(e) It is further provided that basic loan underwriting standards will not be waived to inconsistently favor minority persons or businesses, or both, from the intent of the commission's lending practices.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-3-117
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:15-3-117
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0af9942b38cb2806e48788a4ecbd0fc63c6a723fe88c3549188d6c4af4981ef1
Source location: content.xml paragraph 488
Stored source content
15-3-117. Use of revenues — Assistance to minority businesses.
(a) The Arkansas Economic Development Commission is authorized to use any available revenues for the accomplishment of the purposes set forth in this subchapter.
(b) In carrying out the purposes set forth in this subchapter, the commission will assist minority businesses in obtaining loans or other means of financial assistance.
(c) The terms and conditions of such loans or financial assistance, including the charges for interest and other services, will be consistent with the provisions of this subchapter.
(d) In order to comply with this requirement, efforts will be made to solicit for review and analysis proposed minority business ventures.
(e) It is further provided that basic loan underwriting standards will not be waived to inconsistently favor minority persons or businesses, or both, from the intent of the commission's lending practices.
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