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15-4-2502. Fifty-percent loan subsidy program.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-2502. Fifty-percent loan subsidy program.
(a) The Arkansas Economic Development Commission shall institute a program to make participation loans that are originated by approved community lenders for small businesses in this state.
(b) The commission's participating share of any qualified loan shall not exceed fifty percent (50%) of the total loan amount, and the commission's share shall be in an amount not less than two thousand five hundred dollars ($2,500) and not more than forty thousand dollars ($40,000).
(c) The commission shall share on a pari passu basis with the originating community lender all collateral, guarantees, repayments, and recoveries on loans made in this program.
(d) The commission shall give preference to high-unemployment counties.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-2502
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:15-4-2502
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5f15237db11f1605aa11884460800dcbe9dbf53c233035a6cd7a0617153e9328
Source location: content.xml paragraph 4313
Stored source content
15-4-2502. Fifty-percent loan subsidy program.
(a) The Arkansas Economic Development Commission shall institute a program to make participation loans that are originated by approved community lenders for small businesses in this state.
(b) The commission's participating share of any qualified loan shall not exceed fifty percent (50%) of the total loan amount, and the commission's share shall be in an amount not less than two thousand five hundred dollars ($2,500) and not more than forty thousand dollars ($40,000).
(c) The commission shall share on a pari passu basis with the originating community lender all collateral, guarantees, repayments, and recoveries on loans made in this program.
(d) The commission shall give preference to high-unemployment counties.
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