AR HB1920

Consolidates Arkansas venture capital programs by repealing the Arkansas Risk Capital Matching Fund Act of 2007 and amending the Venture Capital Investment Act of 2001

Establishes the Arkansas Venture Capital Development Fund within the Venture Capital Investment Trust to provide financial assistance to technology-based enterprises with no more than 500 employees, capped at $5 million per recipient

Requires applicants to demonstrate that $1 of fund assistance generates at least $1 in new private financial assistance, with potential for private funding reaching 10 times the state investment

Creates a review committee composed of the President of the Arkansas Development Finance Authority, Executive Director of the Arkansas Economic Development Commission, and ADFA Board members to oversee investments and approve investment policy

Mandates annual audits and reports to the Governor and relevant legislative committees documenting fund activities, investments made, and progress toward economic development goals