15-5-1102. Legislative findings and declaration of public necessity.

Arkansas Code — all titles (historical 2020) · legal_authorities

15-5-1102. Legislative findings and declaration of public necessity.

15-5-1102. Legislative findings and declaration of public necessity. (a) The General Assembly finds: (1) There is a persistent shortage of capital available to small businesses in Arkansas, and there exists an immediate and urgent need to provide the means and methods for providing financing to: (A) Improve the viability of small businesses in the state by stabilizing and increasing employment in small businesses; (B) Foster an environment that promotes the establishment of new small businesses which reduce the state's unemployment rate by hiring new employees; and (C) Complement Arkansas financial institutions to better serve their customers in ways which contribute to a strengthened and diversified Arkansas economy, and which does not compete with Arkansas financial institutions; (2) Small businesses make important contributions to economic growth and vitality in this state; (3) Small businesses comprise approximately eighty-five percent (85%) of the business entities in this state; (4) Small businesses provide approximately ninety-eight percent (98%) of the private sector employment in this state; (5) All national economic indicators establish that the greatest source of future new employment is in the small business sector of the economy; (6) Many private sector financial institutions in Arkansas are limited in their ability to provide financing to small but rapidly growing businesses; and (7) There exists a need to leverage private sector investment in entrepreneurial activity and in economic development finance, therefore, state assistance for development finance should reflect a leveraging investment strategy. (b) It is the purpose of this subchapter to establish a capital access program under which the State of Arkansas through the Arkans

Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1102

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.