AZ SB1418

Amends Arizona Revised Statutes section 41-1545.02 to establish that at least 20 percent of monies appropriated annually to the Arizona Competes Fund must be reserved to support women-owned and minority-owned businesses.

Defines "women-owned and minority-owned business" as a business that is at least 51 percent owned by one or more women or at least 51 percent owned by individuals who are socially and economically disadvantaged under 15 U.S.C. § 637.

Requires the chief executive officer to solicit women-owned and minority-owned businesses through representative business organizations to apply for grants under this new reservation.

Adds this requirement in addition to existing fund reservations: 30 percent for rural and small business development and 25 percent for businesses in counties with populations under two million persons or on tribal lands.