SB227

Senate Bill 227 is a budgetary measure that reappropriates the unspent balances of existing capital improvement and economic development appropriations for the Arkansas Department of Commerce and the Arkansas Economic Development Commission (AEDC) for the fiscal year beginning July 1, 2023. The bill allocates funds across several key areas, including statewide workforce development programs, minority and women-owned business loan mobilization, the Quick Action Closing Fund for business recruitment, and various economic development incentive programs. It also provides authority for grants and loans to state agencies, local governments, and non-profit organizations for public works, infrastructure projects, industrial site development, and technology-based economic initiatives. The bill includes strict disbursement controls, requiring compliance with state fiscal and purchasing laws. Additionally, it contains an emergency clause, enabling the act to take effect on July 1, 2023, to ensure the continuous operation of these economic development programs.