Ark. Code Ann. § 15-4-2502
This is the official text of Ark. Code Ann. § 15-4-2502, part of Arkansas’s Code Ann — part of the compiled statutory law of Arkansas, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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Fifty-percent loan subsidy program
Official statutory text
(a) The Arkansas Economic Development Commission shall institute a program to make participation loans that are originated by approved community lenders for small businesses in this state. (b) The commission's participating share of any qualified loan shall not exceed fifty percent (50%) of the total loan amount, and the commission's share shall be in an amount not less than two thousand five hundred dollars ($2,500) and not more than forty thousand dollars ($40,000). (c) The commission shall share on a pari passu basis with the originating community lender all collateral, guarantees, repayments, and recoveries on loans made in this program. (d) The commission shall give preference to high-unemployment counties. Acts 2001, No. 913, § 3.
(a) The Arkansas Economic Development Commission shall institute a program to make participation loans that are originated by approved community lenders for small businesses in this state.
(b) The commission's participating share of any qualified loan shall not exceed fifty percent (50%) of the total loan amount, and the commission's share shall be in an amount not less than two thousand five hundred dollars ($2,500) and not more than forty thousand dollars ($40,000).
(c) The commission shall share on a pari passu basis with the originating community lender all collateral, guarantees, repayments, and recoveries on loans made in this program.
(d) The commission shall give preference to high-unemployment counties.
Acts 2001, No. 913, § 3.
(a) The Arkansas Economic Development Commission shall institute a program to make participation loans that are originated by approved community lenders for small businesses in this state.
(b) The commission's participating share of any qualified loan shall not exceed fifty percent (50%) of the total loan amount, and the commission's share shall be in an amount not less than two thousand five hundred dollars ($2,500) and not more than forty thousand dollars ($40,000).
(c) The commission shall share on a pari passu basis with the originating community lender all collateral, guarantees, repayments, and recoveries on loans made in this program.
(d) The commission shall give preference to high-unemployment counties.
Acts 2001, No. 913, § 3.
Status: in_force
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