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15-4-405. Companies qualified for loan application and sale — Apportioning available funds.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-405. Companies qualified for loan application and sale — Apportioning available funds.
(a) Any small business investment company which qualifies and is licensed by the United States Small Business Administration as a small business investment company authorized to do business in this state and to make loans and provide investment funds for capital improvements to persons whose participation in the free enterprise system is hampered because of social or economic disadvantage shall be entitled to apply with the Division of Minority Business Enterprise of the Arkansas Economic Development Commission for loans under the provisions of this subchapter and may sell to the division loans made to small business concerns eligible to receive the loans under the provisions of this subchapter.
(b) If applications for loans or applications to sell investment loans filed with the division exceed the funds available for such purposes, the Arkansas Economic Development Council shall promulgate appropriate rules to apportion to each such small business investment company its pro rata share of available loan funds in accordance with guidelines and standards promulgated by the council.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-405
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:15-4-405
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b7f2af103132e6d9a1710dc32d1cec29585fd8f5602d0d1379f31acdfcd1df6b
Source location: content.xml paragraph 1894
Stored source content
15-4-405. Companies qualified for loan application and sale — Apportioning available funds.
(a) Any small business investment company which qualifies and is licensed by the United States Small Business Administration as a small business investment company authorized to do business in this state and to make loans and provide investment funds for capital improvements to persons whose participation in the free enterprise system is hampered because of social or economic disadvantage shall be entitled to apply with the Division of Minority Business Enterprise of the Arkansas Economic Development Commission for loans under the provisions of this subchapter and may sell to the division loans made to small business concerns eligible to receive the loans under the provisions of this subchapter.
(b) If applications for loans or applications to sell investment loans filed with the division exceed the funds available for such purposes, the Arkansas Economic Development Council shall promulgate appropriate rules to apportion to each such small business investment company its pro rata share of available loan funds in accordance with guidelines and standards promulgated by the council.
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