AR HB1861

Creates the Minority Business Loan Mobilization Act to establish a loan guarantee program administered by the Arkansas Economic Development Commission for certified minority business enterprises.

Allows the Commission to guarantee up to 90% of loans from private lenders, with loan amounts between $10,000 and $100,000, using the Minority Business Loan Mobilization Revolving Fund.

Requires eligible businesses to be certified minority enterprises, registered as state vendors, seeking state contracts, and affirm loan proceeds will be used for business sustainability, growth, job creation, equipment acquisition, inventory, or working capital.

Prohibits guaranteed loan proceeds from being used for real property investment, personal debt consolidation, investment securities, or purposes outside the stated program objectives.

Repeals the Jobs Creation by Stimulating Small Business Growth Act of 1985 as obsolete.