As used in this subchapter:(1) 'Business and technology accelerator' means a full-time, immersive program administered by an eligible applicant to potentially invest in, mentor, and accelerate commercial development of start-up businesses;(2) 'Business and technology accelerator grant' means a discretionary grant of up to two hundred fifty thousand dollars ($250,000) for each approved business and technology accelerator application; and(3) 'Eligible applicant' means an entity that is:(A) Registered as a business entity in good standing with the Secretary of State; and(B) Principally engaged in one (1) or more of the following categories of business or industry: (i) A manufacturer classified in sectors 31-33 of the 2012 North American Industry Classification System;(ii) A business that: (a) Is primarily engaged in the design and development of prepackaged software, digital content production and preservation, computer processing and data preparation services, or information retrieval services; and(b) Derives at least seventy-five percent (75%) of its sales revenue from out of state;(iii) An office sector business whose business operations support primary business needs, including services; and(b) Derives at least seventy-five percent (75%) of its sales revenue from out of state;(iii) An office sector business whose business operations support primary business needs, including without limitation customer service, credit accounting, telemarketing, claims processing, and other administrative functions that: (a) Is a nonretail business; and(b) Derives at least seventy-five percent (75%) of its sales revenue from out of state;(iv) A national or regional corporate headquarters as classified in code 551114 of the 2012 North American Industry Classification System;(v) A scientific and technical services business that derives at least seventy-five percent (75%) of its sales revenue from out of state;(vi) A firm primarily engaged in commercial, physical, and biological research as classified in code 541711 or code 541712 of the 2012 North American Industry Classification System;(vii) A firm engaged in one (1) or more of the following categories:(a) Advanced materials and manufacturing systems;(b) Agriculture, food processing, and environmental sciences;(c) Biotechnology, bioengineering, and life sciences;(d) Information technology;(e) Transportation logistics; ls and manufacturing systems;(b) Agriculture, food processing, and environmental sciences;(c) Biotechnology, bioengineering, and life sciences;(d) Information technology;(e) Transportation logistics; and(f) Internet-enabled technology or service solutions for one (1) or more of the categories described in subdivisions (3)(B)(vii)(a)-(e) of this section; and(viii) A business primarily engaged in operating combustors and incinerators for the disposal of nonhazardous solid waste, as classified in code 562213 of the 2022 North American Industry Classification System.Amended by Act 2023, No. 834,§ 1, eff. 8/1/2023.Added by Act 2017, No. 165,§ 2, eff. 10/1/2017.
Arkansas Legal Code