AZ SB1243

Reserves at least 20% of annual Arizona Competes Fund appropriations to support women-owned and minority-owned businesses through grant awards.

Requires the chief executive officer to solicit applications from women-owned and minority-owned businesses through relevant business organizations.

Defines "women-owned and minority-owned businesses" as enterprises at least 51% owned by women or by individuals who are socially and economically disadvantaged as defined under 15 U.S.C. § 637.

Maintains existing grant requirements for all applicants, including eligibility criteria, performance targets, repayment obligations for unmet targets, and economic impact assessments.