AR SB249

Creates the Arkansas Small Business Innovation Research Matching Grant Program administered by the Division of Science and Technology of the Arkansas Economic Development Commission.

Provides matching grants up to 50% of federal Small Business Innovation Research awards, capped at $50,000 for Phase I grants and $100,000 for Phase II grants.

Requires eligible businesses to be for-profit Arkansas entities engaged in targeted activities including advanced materials, agriculture, biotechnology, information technology, transportation logistics, or bio-based products.

Mandates that at least 51% of matching grant funds be spent in Arkansas and that businesses remain in the state for the duration of the project with an Arkansas resident as principal investigator.

Limits each eligible business to receive no more than three matching grants under the program, with grant awards subject to available funding and executive director discretion.