SB218

Senate Bill 218 amends the Arkansas Small Business Innovation Research (SBIR) Matching Grant Program, which is administered by the Division of Science and Technology of the Arkansas Economic Development Commission. The bill updates the definitions of matching grants and outlines the eligibility criteria for small businesses applying for state funds to complement federal SBIR or Small Business Technology Transfer (STTR) grants. It specifies that businesses must be engaged in targeted sectors such as biotechnology, IT, and advanced manufacturing to qualify. The legislation mandates that businesses must remain in Arkansas during the grant period and maintain an Arkansas-based principal investigator. It also sets caps on matching funds at $50,000 for Phase I awards and $100,000 for Phase II awards, while requiring that at least 51% of the grant money be spent within the state. Finally, the bill codifies the application review process, including the involvement of a Commercialization Committee, and establishes that grant disbursements are provided on a reimbursable basis.