The state’s CARES Act Steering Committee on Friday approved new rules for the “Arkansas Ready for Business” grant program, a state-administered fund to help small businesses reopen as Arkansas rolls back COVID-19 restrictions.
Gov. Asa Hutchinson said the program launched “prematurely” on Wednesday, and many would-be applicants were locked out of the fund when the amount of requests surpassed the program’s $15 million limit.
On Friday, the state Department of Commerce submitted a new version of the program to the steering committee, one that contained $85 million more in funding and new guidelines about who would receive it.
More: See details of the new “Arkansas Ready for Business” grant program here.
Plans for the revamped, $100 million fund now head to the Arkansas Legislative Council for approval.
Under the new plan, at least 15% of the funds’ recipients will be women- and minority-owned businesses as defined by Arkansas statute, and at least 75% of the total funds will go to businesses with 50 employees or less.
Update: Legislators approve an additional $40 million for the program.