AR HB2047

Creates the Arkansas Credit Reserve Program within the existing Arkansas Capital Access Program for Small Business, administered by the Arkansas Development Finance Authority.

Establishes fee requirements for qualified loans: 1.5% to 3.5% for Arkansas Capital Access Program loans and a minimum of 1% for Arkansas Credit Reserve Program loans, with financial institutions required to pay a matching fee that may be collected from the borrower.

Allows qualified businesses to pay required fees using sources other than their own business funds, providing alternative payment methods.

Requires the Arkansas Development Finance Authority to establish loss reserve accounts for participating financial institutions and transfer matching funds from the Capital Access Fund to cover deposited fees.

Changes financial reporting frequency from semiannually to annually, requiring the authority to report on the Capital Access Fund's financial condition and the programs' results and economic impact to the Governor and Legislative Council.