Arkansas Code of 1987 (2023)
Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324)
Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108)
Chapter 3 - SCIENCE AND TECHNOLOGY AUTHORITY (§§ 15-3-101 — 15-3-709)
Subchapter 4 - POSTDOCTORAL SCIENCE AND ENGINEERING GRANT PROGRAM FOR ECONOMIC DEVELOPMENT AND KNOWLEDGE-BASED JOB GROWTH (§§ 15-3-401 — 15-3-405)
Section 15-3-404 - Authorization of grants

• (a) If an applicant meets the requirements of § 15-3-403, the applicant shall be placed in one (1) of the following four (4) levels and be eligible for a grant for up to five (5) years:
  • (1)
    • (A) An eligible business with a payroll in excess of ten million dollars ($10,000,000) is eligible to receive a grant of up to thirty-five thousand dollars ($35,000) over the five-year period.
    • (B) If approved, the business will receive:
      • (i) Ten thousand dollars ($10,000) in year one (1);
      • (ii) Ten thousand dollars ($10,000) in year two (2);
      • (iii) Seven thousand five hundred dollars ($7,500) in year three (3);
      • (iv) Five thousand dollars ($5,000) in year four (4); and
      • (v) Two thousand five hundred dollars ($2,500) in year five (5);
  • (2)
    • (A) An eligible business with a payroll in excess of five million dollars ($5,000,000) but no more than ten million dollars ($10,000,000) may be eligible to receive a grant of up to fifty-two thousand five hundred dollars ($52,500) over the five-year period.
    • (B) If approved, the business will receive:
      • (i) Fifteen thousand dollars ($15,000) in year one (1);
      • (ii) Fifteen thousand dollars ($15,000) in year two (2);
      • (iii) Eleven thousand two hundred fifty dollars ($11,250) in year three (3);
      • (iv) Seven thousand five hundred dollars ($7,500) in year four (4); and
      • (v) Three thousand seven hundred fifty dollars ($3,750) in year five (5);
  • (3)
    • (A) An eligible business with a payroll in excess of at least one million dollars ($1,000,000) but no more than five million dollars ($5,000,000) may be eligible to receive a grant of up to seventy thousand dollars ($70,000) over the five-year period.
    • (B) If approved, the business will receive:
      • (i) Twenty thousand dollars ($20,000) in year one (1);
      • (ii) Twenty thousand dollars ($20,000) in year two (2);
      • (iii) Fifteen thousand dollars ($15,000) in year three (3);
      • (iv) Ten thousand dollars ($10,000) in year four (4); and
      • (v) Five thousand dollars ($5,000) in year five (5); and
  • (4)
    • (A) An eligible business with a payroll of less than one million dollars ($1,000,000) may be eligible to receive a grant of up to eighty-seven thousand five hundred dollars ($87,500) over the five-year period.
    • (B) If approved, the business will receive:
      • (i) Twenty-five thousand dollars ($25,000) in year one (1);
      • (ii) Twenty-five thousand dollars ($25,000) in year two (2);
      • (iii) Eighteen thousand seven hundred fifty dollars ($18,750) in year three (3);
      • (iv) Twelve thousand five hundred dollars ($12,500) in year four (4); and
      • (v) Six thousand two hundred fifty dollars ($6,250) in year five (5).

• (b) The grants authorized by this section shall be administered and paid according to rules established by the Arkansas Economic Development Commission.

• (c) The commission shall not provide further grant funds to the approved business if at any time during the five-year grant period the postdoctoral graduate is no longer employed in Arkansas by the approved business.

Amended by Act 2015EX1, No. 8,§ 86, eff. 7/1/2015.

Amended by Act 2015EX1, No. 7,§ 86, eff. 7/1/2015.

Acts 2009, No. 463, § 1.