(a) A business and technology accelerator grant awarded under this subchapter:
(1) Shall not:
(A) Be awarded under this subchapter unless offered in writing by the Executive Director of the Arkansas Economic Development Commission; and
(B) Exceed two hundred fifty thousand dollars ($250,000); and
(2) Subject to funding and the discretion of the executive director, may be offered to an eligible applicant that successfully completes the application process.
(b) The business and technology accelerator grant agreement between the Division of Science and Technology of the Arkansas Economic Development Commission and the eligible applicant shall delineate all requirements of the business and technology accelerator grant.
(c) Disbursements for business and technology accelerator grants shall be made on a reimbursable basis, payable when invoices and financial reports are submitted to the division.
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